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Amazon-backed home tech startup SmartRent to go public in over $2 billion SPAC deal

The deal with Fifth Wall Acquisition Corp I is expected to provide the merged entity with $513 million in gross proceeds, comprising about $155 million from investors including Koch Real Estate Investments, Baron Capital Group, Lennar Corp and Invitation Homes.

April 22, 2021 / 07:30 PM IST
Amazon. | Representative image

Amazon. | Representative image

Amazon-backed home technology solutions provider SmartRent.com Inc said on Thursday it had agreed to go public through a merger with a blank-check firm backed by venture capital firm Fifth Wall, valuing the equity of the combined company at around $2.2 billion.

The deal with Fifth Wall Acquisition Corp I is expected to provide the merged entity with $513 million in gross proceeds, comprising about $155 million from investors including Koch Real Estate Investments, Baron Capital Group, Lennar Corp and Invitation Homes.

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SmartRent develops tech products for property owners and homebuilders that automate daily operational processes such as parking management, locks and thermostat operation. The Scottsdale, Arizona-based firm's customers include Lennar, Invitation Homes and Essex Property Trust Inc.

FWAA, a special purpose acquisition company (SPAC) raised $345 million through an initial public offering in February.

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SPACs are publicly listed shell companies that raise funds to take a private company public through a merger at a later date, allowing the private firms to sidestep a traditional IPO to enter public markets.

J.P. Morgan Securities LLC and Morgan Stanley are acting as co-financial advisers to SmartRent while Deutsche Bank Securities and Goldman Sachs are acting as capital markets advisors to Fifth Wall Acquisition Corp I.
Reuters
first published: Apr 22, 2021 07:30 pm

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