OCA - Omnichannel Acquisition to take Kin Insurance public in $1.03B deal
TARIK KIZILKAYA/iStock via Getty Images Kin Insurance, a home insurance tech company, agrees to combine with Omnichannel Acquisition (OCA), entrepreneur Matt Higgins's SPAC, in a deal that implies a $1.03B combined company pro forma enterprise value. New strategic investors in the business include Joe Plumen, former chairman and CEO of Willis Group Holdings; Stephen Ross, Jeff Blau, and Bruce Beal of Related Companies; and Gary Vaynerchuk off Vaynermedia. They join previous series C investors NBA All-Star Draymond Green and professional golfer Rory McIlroy. The combined company is expected to trade on the NYSE under the ticker symbol "KI". The transaction is supported by a fully committed $80M PIPE at $10 per share of class A common stock of Omnichannel led by HSCM Bermuda and Senator Investment Group. Kin is expecting to get ~$242M of cash at closing, in addition to $80M raised in a recent series C financing. Kin, which
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Omnichannel Acquisition to take Kin Insurance public in $1.03B deal