Ropes & Gray advised Aurora Acquisition Corp., a special purpose acquisition company, in its merger with Better HoldCo. Aurora, which closed its initial public offering on March 8, entered into a definitive merger agreement that will transform Better into a publicly-listed company. The transaction reflects an implied equity value for Better of approximately $6.9 billion and a post-money equity value of approximately $7.7 billion.
The transaction was announced on May 11. The press release is here.
Founded in 2016, Better is a digital-first homeownership company whose services included mortgage, real estate, title, and homeowners insurance. Aurora Acquisition Corp. is a newly formed blank check company.
The Ropes & Gray team that advised Aurora was led by mergers & acquisitions partner Carl Marcellino (New York), and included private equity partner Elizabeth Todd (London) and mergers & acquisitions associate Ling Xu (New York).
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