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Big Law

Former Zillow CEO Leads SPAC Deal to Acquire Offerpad

Former Zillow Group CEO Spencer Rascoff is jumping back into the real estate game in a big way.

Rascoff, who left the CEO post at the Seattle real estate juggernaut in February 2019, is part of a group of SPAC investors that’s buying Offerpad, a 6-year-old real estate company that competes directly with Zillow Group in a quest to transform how people buy and sell homes.

It’s a deal that pits Rascoff in an intriguing match-up with his former colleagues at Zillow, including co-founders Rich Barton and Lloyd Frink.

Rascoff’s SPAC — operating under the name Supernova Partners Acquisition Company — is acquiring Offerpad in a deal that will value the Chandler, Ariz.-based company at $3 billion and bring in an additional $650 million in gross proceeds to a real estate technology provider that powers the quick selling and buying of homes. Offerpad plans to trade on the New York Stock Exchange under the ticker symbol OPAD.

Read the source article at geekwire.com

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