The Amazon-backed residential IoT technology provider will join forces with Nasdaq-listed Fifth Wall Acquisition Corp I at a $2.2bn pro-forma equity valuation.
SmartRent, a US-based intelligent home technology developer backed by e-commerce firm Amazon, agreed a reverse merger with special purpose acquisition company Fifth Wall Acquisition Corp I yesterday at a $2.2bn valuation.
The merged entity will take the spot acquired by Fifth Wall Acquisition Corp I, which was formed by property-focused venture capital firm Fifth Wall, when it floated in a $345m initial public offering on the Nasdaq Capital Market in February this year.
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