The Montreal-founded lodging company said it will be valued at over US$1.9 billion in its proposed merger with Gores Metropoulos II, a special-purpose acquisition company, down from the US$2.2-billion figure it was expecting in April. (The Logic)
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The Montreal-founded lodging company said it will be valued at over US$1.9 billion in its proposed merger with Gores Metropoulos II, a special-purpose acquisition company, down from the US$2.2-billion figure it was expecting in April. (The Logic)
Talking point: The revision comes amid an uncertain SPAC market. A September report from PitchBook noted that market enthusiasm for the investment vehicle has waned since the start of the year, and the potential for litigation and regulation is looming. Affiliates of The Gores Group and other investors, such as Fidelity and accounts managed by BlackRock, will contribute an additional US$110 million to the deal, on top of a US$220-million debt facility. “These amendments and associated incremental investments by leading institutional investors to adapt to current market conditions strongly position Sonder for long-term growth,” the two companies said in a statement.
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