Aurora Acquisition Corp.’s $6.9 Billion Merger with Better

Baker McKenzie and Ropes & Gray advised Aurora Acquisition Corp. on the transaction, while Fried Frank acted as counsel to BofA Securities as financial advisor. Sullivan & Cromwell LLP represented Better HoldCo Inc.

Aurora Acquisition Corp., a special purpose acquisition company, executed a de-SPAC transaction to transform Better, one of the fastest-growing digital homeownership companies in the US, into a publicly traded company.

The transaction values Better at approximately US$6.9 billion pre-money equity value, and it is anticipated that transaction will provide Better with US$778 million of primary proceeds for continued expansion. The transaction is expected to close in the fourth quarter of 2021.

The Baker McKenzie team was led by transactional partners Derek Liu (Picture) and Adam Eastell, Corporate: Lisa Fontenot, Michael DeFranco, Mark Mandel, Steve Canner, Michelle Heisner, Amanda Bradley, Adam Buehler, Maryam AlSayyad, Molly Zhu, Tom Gastrell, Banking & Finance: Matthew Dening, Andrew Sagor; Tax: Kai Kramer, Ross Staine, Antitrust/CFIUS: Rod Hunter, Brian Burke, Sylwia Lis, Employment: Thomas Asmar, Intellectual Property: Marcela Robledo.

The Fried Frank team advising BofA Securities was led by corporate partner Philip Richter and included corporate partner Roy Tannenbaum.

The S&C team advising Better includes Jared Fishman, Sarah Payne, Mitch Eitel, Alan Fishman, Ana Gonzalez, Brandon Newman and Christina Cheung. Marc Treviño, Regina Readling and Emma Guido advised on matters related to executive compensation. Ronald Creamer Jr. is advising on tax-related matters.

The Ropes & Gray team that advised Aurora was led by mergers & acquisitions partner Carl Marcellino (New York), and included private equity partner Elizabeth Todd (London) and mergers & acquisitions associate Ling Xu (New York).

Involved fees earner: Maryam AlSayyad – Baker McKenzie; Thomas Asmar – Baker McKenzie; Amanda Bradley – Baker McKenzie; Adam Buehler – Baker McKenzie; Brian Burke – Baker McKenzie; Steven Canner – Baker McKenzie; Michael DeFranco – Baker McKenzie; Matthew Dening – Baker McKenzie; Adam Eastell – Baker McKenzie; Lisa Fontenot – Baker McKenzie; Tom Gastrell – Baker McKenzie; Michelle Heisner – Baker McKenzie; Rod Hunter – Baker McKenzie; Kai Kramer – Baker McKenzie; Sylwia Lis – Baker McKenzie; Derek Liu – Baker McKenzie; Mark Mandel – Baker McKenzie; Marcela Robledo – Baker McKenzie; Andrew Sagor – Baker McKenzie; Ross Staine – Baker McKenzie; Molly Zhu – Baker McKenzie; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Carl Marcellino – Ropes & Gray; Elizabeth Todd – Ropes & Gray; Christina Cheung – Sullivan & Cromwell; Ronald Creamer – Sullivan & Cromwell; Mitchell Eitel – Sullivan & Cromwell; Jared Fishman – Sullivan & Cromwell; Alan Fishman – Sullivan & Cromwell; Ana Gonzalez – Sullivan & Cromwell; Sarah Payne – Sullivan & Cromwell; Regina Readling – Sullivan & Cromwell; Marc Trevino – Sullivan & Cromwell;

Law Firms: Baker McKenzie; Fried Frank Harris Shriver & Jacobson; Ropes & Gray; Sullivan & Cromwell;

Clients: Aurora Acquisition Corp.; Bank of America Securities; Better HoldCo Inc.;

Martina Bellini

Author: Martina Bellini