S&C Advises Better in $7.7 Billion SPAC DealMay 14, 2021
Better HoldCo Inc., the parent company of Better Mortgage, has agreed to merge with Aurora Acquisition Corp, a special purpose acquisition company (SPAC), in a deal that values Better at $7.7 billion on a post-money basis and will result in Better becoming a publicly traded company. As part of the transaction, a subsidiary of Softbank Group Corp. will commit to a $1.5 billion PIPE investment. Aurora's sponsor, Novator Capital, will invest $200 million through the PIPE and will backstop any redemptions by Aurora shareholders.
Better is a fully digital homeownership platform that offers mortgage, real estate, title and homeowners insurance products through an online platform.
The S&C team advising Better includes Jared Fishman, Sarah Payne, Mitch Eitel, Alan Fishman, Ana Gonzalez, Brandon Newman and Christina Cheung. Marc Treviño, Regina Readling and Emma Guido advised on matters related to executive compensation. Ronald Creamer Jr. is advising on tax-related matters.