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Online Car Platform Shift Is in Merger Talks With Insurance Acquisition

  • Blank-check company’s shares soar on prospect of deal
  • Use car platform would be publicly traded if merger goes ahead
Shift app

Shift app

Source: Shift Technologies

Updated on

Shift Technologies Inc., an online retailer for used cars, is in talks to merge with blank-check company Insurance Acquisition Corp., according to people familiar with the matter.

The companies could announce a transaction within a month, said the people, who asked to not be identified because the matter isn’t public. Shift is aiming to be valued at more than $500 million in the deal, one of the people said.