The San Francisco-based Opendur company buys homes directly from sellers, makes minor repairs and then tries to resell them for a profit.
- Bloomberg said on Thursday that OPENTURE is in public talks with the “blank check” company or SPAC, led by billionaire investor Samad Palihapiti, in a merger with Social Capital Hetosopia Holdings Corporation II.
- Opendur is a property technology company that buys homes directly from sellers, makes some improvements to homes, and then resells them.
- The transaction has not yet been finalized and the deal could fall, with investors bidding 7% more for SPAC’s shares in trading on Friday.
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Social capital is a “blank check” company or an SPAC that a technology company has been on the hunt for since it began trading in April. SPAC is led by billionaire investor Samad Palihapitiya.
This is not the first rodeo of polyhapity in the SPAC world. His first voyage was in 2019, when space exploration company Virgin Galactic went public with a merger with an SPAC led by Polyhabitty.
He runs a business similar to the relatively new home security plan of the Opendor district. The San Francisco-based company buys homes directly from sellers, makes minor repairs to homes, and then resells them for a profit.
Some of the benefits for the home seller include lower home selling fees and increased flexibility on moving and expiration dates, according to its website.
In its most recent financial round in 2019, Opendur was valued at $ 3.8 billion. According to Bloomberg, Opendur will be worth about $ 5 billion in the contract with Social Capital.
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A potential deal with Opendur is a good time to give the housing industry its exposure. In recent months following the onset of the COVID-19 epidemic, the home industry has seen a boom in business as city dwellers flee to the suburbs following orders to stay for several months.
The deal is expected to be announced in the coming weeks, Bloomberg said. Shares of Social Capital Hetosopia Holdings Corporation II rose 7% in Friday trading.