Digital car-sharing marketplace Getaround is going public through a special purpose acquisition company (SPAC) deal with InterPrivate II Acquisition Corp., with a combined value of $1.2 billion, according to a joint press release Wednesday (May 11).
The boards of directors of Getaround and InterPrivate have unanimously approved the transaction. However, it still needs stockholder approval and must go through regulatory approvals before the expected close in the second half of this year.
Getaround and InterPrivate will host a joint investor conference call to discuss the proposed transaction Thursday (May 12) at 8 a.m. ET.
If the deal is approved, Getaround will be listed on the New York Stock Exchange under the ticker symbol GETR and Getaround Founder and CEO Sam Zaid will lead the combined company, the press release said.
Read also: Getaround Car-Sharing Tech Disrupts Car Ownership
Getaround Connect allows consumers to reserve vehicles instantly and retrieve them within minutes without filling out paperwork, waiting in line, or physically exchanging keys. It also allows hosts to scale and manage large flees in several geographic regions.
“Getaround is about empowering people everywhere to share cars and making the sharing experience increasingly simpler and more reliable through the use of digital and connected technology. Ultimately, our goal is to ensure Getaround is as convenient as personal car ownership,” said Zaid in the company press release. “We are accelerating a much-needed transition from a legacy, analog car rental experience to a fully digital and ‘keyless’ carsharing experience.”
Getaround will use the sale proceeds on continued product innovation and expansion.
“As a relentless innovator, the company has designed and deployed its proprietary Getaround Connect technology to build formidable network effects in cities across the globe, improving utilization of automotive assets and transforming the way its customers access transportation,” said Ahmed Fattouh, chairman and CEO of InterPrivate, in the joint press release.
Related: Estonia’s Bolt App Nets $714M to Scale Its Shared Mobility Platform
In January, Estonia-based super-app Bolt announced a $714 million funding round, putting the company’s value at $8.4 billion. Bolt announced in December that it would be debuting several new safety features on its scooter-sharing network.
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