Hospitality company Sonder Holdings and Gores Metropoulos II announced strategic amendments to their merger agreement, including lowering the enterprise value to $1.925 billion from the initial $2.2 billion.
But Sonder will also receive approximately $110 million in additional capital from affiliates of Gores Metropoulos II and other investors, including Fidelity Management & Research, funds and accounts managed by BlackRock, Atreides Management, and Senator Investment Group, in addition to the existing $200 million PIPE. Sonder also signed a non-binding term sheet for Delayed Draw Notes of $220 million with existing PIPE investors, to be available following the closing of the proposed business combination. Read more.
