SFTBY - SPAC Aurora Acquisition gains on report of deal to take mortgage startup Better public

SPAC Aurora Acquisition (AURCU) rose 3.5% in after hours trading on a report that it plans to take startup mortgage lender Better public at a valuation of about $7B pre-money.Softbank (SFTBY), which invested $500M in Better recently, may put in another $1.3B through a PIPE, according to a WSJ report. The deal may happen this week. Aurora Acquisition's sponsor is Novator Capital. Better offers consumer home loans through its website and through partnerships with banks like Ally Financial. The company brought in $800M in sales last year and turned a profit, according to WSJ sources, as home buying surged during a period of historically low interest rates.The Better SPAC deals follows the successful public debut of Rocket Mortgage, but also comes after an increase in mortgage rates. Online mortgage platform LoanDepot (LDI) went public in February, with it shares popping 43% on its first day of trading, though its now down 55% since then.Lending Firm Finance

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SPAC Aurora Acquisition gains on report of deal to take mortgage startup Better public