Sonder will merge with SPAC to go public

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Hotel MarketIPOmodern spaces Full Name* Email Address* Sonder recently took over the Flatiron Hotel in New York City as part of its model to lease, refurbish and rent short- and medium-stay rooms. Francis Davidson co-founded the company in 2014 while managing several apartments in Montreal as a university student.Gores and Metropoulos facilitated an IPO for lidar sensor maker Luminar Technologies last August in a nearly $2.9 billion merger with a different SPAC.Special purpose acquisition companies are shells that raise funds through an IPO without underlying assets. SPACs can then merge with private companies, taking them public in the process.After a record 109 SPAC deals in March, the market cooled with just 10 deals in April, according to SPAC Research. Proptech was no exception, with 15 new SPACs in February followed by 16 in March and just one so far in April, according to TRD’s SPAC tracker.[Reuters] — Orion JonesContact Orion Jones Message* Share via Shortlink Sonder co-founder Francis Davidson (Sonder, iStock)The SPAC attack is back for a San Francisco-based hospitality startup.Sonder confirmed Friday that it will go public by merging with a SPAC backed by billionaires Alec Gores and Dean Metropoulos. The company scored a valuation of $2.2 billion in the deal and expects to reap $650 million in the offering, Reuters reported.The SPAC that Sonder will merge with, Gores Metropoulos II, raised $450 million in its initial public offering in January. An additional $200 million is expected from private investors including BlackRock, Fidelity Management & Research and Senator Investment Group.Goldman Sachs is advising Sonder, and Morgan Stanley is the leading adviser to Gores Metropoulos II.ADVERTISEMENTRead moreHospitality startup Sonder beefs up C-suiteSonder to open in Flatiron Hotel next monthThe definitive real estate SPAC tracker Tagslast_img read more

5th PUSAG Sports Festival opens in Abetifi on July 1

first_imgPrivate Universities in Ghana will lock horns in a healthy sports competition on July 1, 2013.The host university is the Presbyterian University, Abetifi.Participating universities include All Nations University College, Catholic University College, Central University College and Datalink University.Others are Garden City University College, Ghana Baptist University College, Jayee University, Wisconsin International University College and Valley View University.The Private Universities Sports Association of Ghana (PUSAG) was formed to encourage interaction between faculty and staff of private universities through diverse sporting activities.The sports initiative is in its 5th year. The maiden edition was organised by the Central University College at the Elwak Sports stadium. Last year’s event was held at the University of Ghana and hosted by Wisconsin International University College. The African University College of Communication won the men’s football with Valley View University and Central University College winning the Volleyball men and women respectively.This year’s competition will be in the following disciplines; Volley ball and Football. Other disciplines include 400 meter race for faculty and staff above 50 years and the 200 metre “Obolo Race”. There will also be indoor games such as scrabble, chess and Ludo.According to Mr. Kwame Amankrah Appiah the Organising Secretary of PUSAG, the aim of this initiative is to foster stronger bonds between private universities while maintaining healthy bodies.last_img read more