Neighborhood networking platform Nextdoor and Khosla Ventures Acquisition II today announced a definitive merger agreement, giving the combined companies an expected pro forma equity value of approximately $4.3 billion.
If approved, upon closing the combined company will list on the Nasdaq under KIND.
Terms call for Nextdoor to receive the $416 million held in the SPAC’s trust, plus an upsized $270 million PIPE, excluding transaction expenses. Participants in the PIPE include funds and accounts advised by T. Rowe Price Associates, Baron Capital Group, Dragoneer, Soroban Capital, accounts advised by ARK Invest, and ION Asset Management, in addition to existing Nextdoor investors Tiger Global and Hedosophia. Nextdoor CEO Sarah Friar and Khosla Ventures affiliates each participated in the PIPE financing.
Nextdoor is a neighborhood networking platform in more than 275,000 neighborhoods around the world. The company said nearly 1 in 3 US households use Nextdoor to access trusted information, give and get help, and build real-world connections with nearby neighbors, businesses, and public services. Read more.
