SmartRent, an apartment and home technology company based in Scottsdale, said Thursday that it will go public through a merger with a special purpose acquisition company, commonly known as a SPAC.
SmartRent makes smart-home products such as leak-detecting sensors, cloud-based access control panels, software to enable self-guided tours and in-ground sensors for parking management at apartment buildings.
The SPAC involved is Fifth Wall Acquisition Corp. I (Nasdaq: FWAA), which is part of Fifth Wall, a Los Angeles venture capital firm with a focus on real estate and property tech.
Once combined, the SmartRent-Fifth Wall company will have a combined equity value of $2.2 billion and approximately $513 million in cash at closing. The merger transaction got private investment at $10 per share from Lennar Corp., Starwood Capital Group, Invitation Homes, Koch Real Estate Investments and several others.
The merger is expected to close in the third quarter of 2021 and once the deal is finalized, the merged entity will be publicly traded. Existing SmartRent shareholders are expected to own about 73% of the company after the close.
