Social Finance, commonly known as SoFi, has entered into a definitive agreement with Social Capital Hedosophia Holdings Corp. V.
The transaction values the company at an equity value of $8.65 billion post-money.
If shareholders approve, the deal is expected to deliver up to $2.4 billion of gross proceeds to the combined company, including up to $805 million of cash held in the SPAC’s trust from its IPO in October. The combination is further supported by a $1.2 billion PIPE at $10 per share led by Chamath Palihapitiya, Founder and CEO of Social Capital, and Hedosophia, with commitments from funds and accounts managed by BlackRock, Altimeter Capital Management, Baron Capital Group, Coatue Management, Durable Capital Partners, and Healthcare of Ontario Pension Plan. SoFi also received a previous anchor investment from funds and accounts advised by T. Rowe Price Associates. Read more.
