INSU Acquisition II announced its stockholders voted in favor of the SPAC’s merger with insurance platform Metromile. INSU said the business combination was supported by over 99% of the shares voted at the stockholders meeting yesterday. The deal value on the transaction is about $956 million in cash and stock.
The combined company will have a market cap of about $1.3 billion.
The business combination is expected to close today. The combined company will be named Metromile, and its common stock and warrants will begin trading tomorrow on the Nasdaq under MILE and MILEW, respectively. Read more.
