Smart-Lock Maker Latch to Use Tishman Speyer SPAC to Go Public for $1.5B
By YML
Latch Inc., a maker of smart locks and building-management software, plans to go public by merging with a special-purpose acquisition company backed by a real-estate giant, the latest startup looking to use a so-called blank-check vehicle to cash in on strong investor interest in tech-enabled businesses.
The merger will unite venture-capital-backed Latch with TS Innovation Acquisitions Corp. TSIA 8.42% , a special-purpose acquisition company sponsored by New York commercial real-estate firm Tishman Speyer Properties LP that raised $300 million late last year, the companies said Monday. The deal, which values Latch at $1.56 billion, is expected to close in the second quarter, and Latch is expected to trade on the Nasdaq under the symbol LTCH, they said.
Latch, founded in 2014 as Latchable, is set to net around $450 million in cash from the SPAC and other investors including funds managed by BlackRock Inc., Fidelity Management & Research Co. and D1 Capital Partners LP, according to an investor presentation.
See the full story on The Wall Street Journal.