Offerpad announced today that it has entered into a definitive merger agreement with Supernova Partners Acquisition at a post-transaction equity value of approximately $3 billion.
Pending shareholder approval, when the transaction closes the publicly traded company will be named Offerpad Solutions, and its Class A common stock is expected to list on the NYSE under the ticker OPAD.
The transaction is expected to provide up to $650 million in gross cash proceeds to the combined company, including up to $403 million of cash held in Supernova’s trust account , a fully committed $200 million common stock PIPE and a $50 million direct investment by affiliates of Supernova.
Existing Offerpad shareholders will roll 100 percent of their equity into the combined company and are expected to own approximately 75 percent of the company at closing. Offerpad’s founder and CEO, Brian Bair, will receive high vote stock that is expected to represent approximately 35 percent of the voting power of the combined company.
Offerpad, which was founded in 2015, is a real estate solutions platform that projects to generate revenue of $1.4 billion in 2021. The company’s tech-enabled platform and team of real estate solutions experts empower homeowners to buy and sell homes online. Read more.
