Latham, Skadden Steer $4.8B Real Estate Site's SPAC Tie-Up

Law360 (September 15, 2020, 4:25 PM EDT) -- Opendoor unveiled plans Tuesday to go public through a merger with a special purpose acquisition company led by former Facebook and Twitter executives in a deal that was guided by Latham & Watkins and Skadden and values the online real estate platform at $4.8 billion, including debt.

Latham & Watkins LLP-led Opendoor Labs Inc. and Social Capital Hedosophia Holdings Corp. II, advised by Skadden Arps Slate Meagher & Flom LLP, said they expect to see up to $1 billion in gross proceeds from the transaction. As part of the tie-up, the blank-check company's director and former Twitter chief operating officer, Adam...

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