Insurer Metromile Will Go Public Using a Blank-Check Company
The combined company will have an equity value of about $1.3 billion.
Personal frustration with parking tickets led Metromile Inc. Chief Executive Officer Dan Preston to champion a feature to alert customers of his car-insurance company when they are parked in a street-sweeping spot, a surefire way to land a pricey fine.
To take his company public, Preston also selected an approach that would have been unusual a few years earlier: a merger with a blank-check company. Metromile will combine with a special purpose acquisition company, or SPAC, called Insu Acquisition Corp II, Metromile said Tuesday, confirming a report by Bloomberg earlier in the morning. When completed, the business will have an equity value of about $1.3 billion on a pro-forma basis, the companies said.