Property technology startup Opendoor is in advanced talks to go public through a merger with blank-check company Social Capital Hedosophia Holdings Corp.II <IPOB.N>, Bloomberg reported on Thursday, citing people with knowledge of the matter.
Social Capital is in discussions with prospective investors to raise fresh equity to help fund the deal with San Francisco-based Opendoor, the report https://bloom.bg/32fIFun said.
The combined company would be valued at about $5 billion in the deal, which is expected to be announced in the coming weeks, Bloomberg said, adding that the transaction had not yet been finalized and talks could still fall apart.
Opendoor and Social Capital were not immediately available for Reuters request for comment.
(Reporting by Shradha Singh in Bengaluru; Editing by Subhranshu Sahu)
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