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Home-Flipper Opendoor Going Public in Social Capital Merger

  • Deal gives real estate startup $4.8 billion enterprise value
  • Record-low mortgage rates have driven a housing boom
    
Photographer: Daniel Acker/Bloomberg
Updated on

Opendoor is going public through a merger with Social Capital Hedosophia Holdings Corp. II in a deal that gives the property technology startup an enterprise value of $4.8 billion.

The deal will provide as much as $1 billion in cash, including up to $414 million held by Social Capital II, the blank-check company led by Chairman Chamath Palihapitiya, according to a statement on Tuesday that confirmed earlier reporting from Bloomberg.