According to a notice associated with the transaction, Opendoor will have an enterprise value of $4.8b in the deal, including equity value of around $6.2b and around $1.5b in cash. Social Capital Hedosophia II will provide “up to” $414m in cash as part of the deal, while a private investment in public equity transaction, or PIPE, will provide another $600m.
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Opendoor to go public by way of Chamath Palihapitiya SPAC
“This is one of many milestones towards our mission and will help us accelerate the path towards building the digital one-stop-shop to move,” Eric Wu, co-founder and CEO of Opendoor said to TechCrunch in a statement. “I am grateful for the continued support from my teammates and shareholders and most thankful for the tens of thousands – and I hope soon to be hundreds of thousands – of families, couples and individuals that trust Opendoor with the largest financial decision of their life.”
