Car-sharing co. Getaround agrees to go public through SPAC InterPrivate (update)

TechCrunch Disrupt New York May 2011 - Day 3

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Update 10:28am: Adds confirmation of deal.

Car-sharing marketplace Getaround agreed to a deal to go public through SPAC InterPrivate Acquisition Corp. II (NYSE:IPVA) that will value the combined company at $1.2 billion.

The deal is expected to result in at least $225 million and up to $434 million in gross proceeds to the company, including a convertible note commitment of up to $175 million provided by affiliates of Mudrick Capital Management, according to a statement. Upon closing, the combined company is expected to be listed on the NYSE under the ticker "GETR."

San Francisco-based Getaround, which is backed by Softbank (OTCPK:SFTBY) and was founded in 2009, operates a peer-to-peer car sharing platform in over 950 cities around the world. Getaround rival Turo (TURO), which is backed by IAC InterActive (IAC) filed for a initial public offering in January.

The Getaround deal is expected to close in the second half of this year. The company believes the net transaction proceeds will provide adequate funding to achieve adjusted EBITDA breakeven under its current business plan.

News of a potential Getaround deal was reported by Bloomberg late on Tuesday.

Reuters reported in August that SPAC Altitude Acquisition (ALTU) was said to ne in talks to take Getaround public.

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