Gores Metropoulos II filed a preliminary proxy on an S-4 outlining terms of its proposed mberger with hospitality company Sonder Holdings. The technology-driven business is expected to have a pro forma enterprise value of $2.2 billion and over $700 million of net cash at closing.
Announced in April, terms call for a $200 million PIPE investment led by an affiliate of The Gores Group, with participation from Fidelity Management & Research Company, BlackRock, Atreides Management, entities affiliated with Moore Capital Management, Principal Global Investors, and Senator Investment Group. The balance of the $450 million in cash is held in the SPAC’s trust account, in addition to $165 million raised as part of a convertible notes offering last month led by Moore Strategic Ventures.
Existing Sonder stockholders will retain 74 percent ownership in the combined company.
Launched in 2014, Sonder works directly with real estate developers and property owners to lease, manage and operate spaces, providing guests with accommodations on a nightly, weekly or monthly basis. Read more.
