INAQ - INSU Acquisition II to take digital auto insurer Metromile public in $956M deal

INSU Acquisition Corp. II (INAQ), a SPAC sponsored by Cohen & Co. (COHN), will acquire Metromile, making the digital insurance company and pay-per-mile auto insurer a public company with a combined company pro forma implied market cap of ~$1.3B.The transaction includes a commitment for $160M private investment in public equity led by Social Capital; other investors include Miller Value, Mark Cuban, Clearbridge, Hudson Structured, and New Enterprise Associates.The deal, reflecting an estimated implied pro forma enterprise value of $956M at closing, will provide the company with up to an estimated $294M in cash to pursue growth initiatives.Aggregate consideration for Metromile will be $842M in INAQ class A common stock and up to $30M of cash, plus an additional 10M shares of class A common stock that will be earned if the combined company reaches certain price targets over time.Metromile plans to operate in 21 states by the end of 2021

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INSU Acquisition II to take digital auto insurer Metromile public in $956M deal