Deals
Rascoff SPAC to Take Offerpad Public at $3 Billion Valuation
- Ex-Zillow CEO’s Supernova to merge with real estate startup
- Adds $600 million in cash to spar with deep-pocketed rivals
Spencer Rascoff
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Offerpad, which helped pioneer a technology-driven method of selling homes, agreed to be acquired by Supernova Partners Acquisition Company Inc. in a deal that gives the startup a post-transaction value of $3 billion.
The transaction will add roughly $600 million to Offerpad’s balance sheet, helping the company keep up in a field where deep-pocketed competitors are wielding armies of data scientists and buckets of cash in a race to remake the U.S. housing market.