FWAA - SPAC Fifth Wall Acquisition gains after confirming deal to take SmartRent public

SPAC Fifth Wall Acquistion Corp. (FWAA) confirmed an earlier report that it's taking SmartRent public through a merger that will value the startup at $2.2B. Fifth wall rose 1.2% in premarket trading.The deal includes a $155M PIPE anchored by SmartRent customers and investors Including Starwood Capital, Lennar (LEN), Invitation Homes (INVH), Koch Real Estate Investments, Baron Capital Group, D1 Capital Partners, Long Pond Capital, and Conversant Capital, according to a statement.Founded in 2017, SmartRent is an enterprise smart home technology platform for property managers and residents.The combined company is expected to have up to approximately $513M in cash at closing, including $345M of cash held in FWAA from its initial public offering on Feb. 5. The deal is expected to close in Q3.The news was earlier reported by the WSJ.Last month, SPAC Capitol Investment V gained on a deal to take Lennar-backed Doma public.

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SPAC Fifth Wall Acquisition gains after confirming deal to take SmartRent public