SoftBank-backed Better to go public in $7.7 billion SPAC deal

SoftBank Group Corp-backed Better HoldCo said on Tuesday it will go public through a merger with a blank-check firm sponsored by investment firm Novator Capital, valuing the mortgage startup at $7.7 billion. As part of the deal with Aurora Acquisition Corp, SoftBank will invest $1.5 billion, giving Better a pre-money valuation of $6.9 billion. Novator … Read more

Warren Buffett slammed SPACs and Robinhood for encouraging gambling on stocks at Berkshire Hathaway’s annual meeting

Warren Buffett criticized SPACs and Robinhood at Berkshire Hathaway’s annual meeting. The investor said they encourage gambling and treating the stock market like a casino. Charlie Munger, Buffett’s right-hand man, damned both trends as well. See more stories on Insider’s business page. Warren Buffett blasted special-purpose acquisition companies (SPACs) and the Robinhood trading app for … Read more

Grab to unveil world’s biggest SPAC merger, valued at nearly $40 bn: report

Southeast Asia’s biggest ride-hailing and food delivery firm Grab Holdings will announce as early as Tuesday a merger with U.S.-based Altimeter that will value Grab at nearly $40 billion and lead to a public listing, four people told Reuters. The merger, which will be the biggest blank-check company deal ever, underscores the frenzy on Wall … Read more