PropTech Acquisition to combine with Porch.com

Jul. 31, 2020 6:43 AM ETPorch Group, Inc. (PRCH)PRCHBy: SA News Team
  • PropTech Acquisition (NASDAQ:PTAC) and Porch.com have entered into an agreement, resulting in Porch becoming a publicly listed company.
  • The combined company will have an estimated post-transaction EV of $523M, consisting of an estimated equity value of $728M and $205M in cash and no debt.
  • The net proceeds raised will be used to support Porch’s working capital, pay down debt and fund expansion through acquisitions.
  • Transaction includes a $150M of private investment at $10/share ((common stock)) led by Wellington Management Company, LLP.
  • Post transaction, PropTech will be renamed Porch.com and is expected to remain listed on the Nasdaq Capital Market under the new ticker symbol “PRCH.”

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