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BRIEF-Reinvent Technology Partners Z Says Entered Into An Agreement And Plan Of Merger With Hippo Enterprises

Reuters
2021/03/04

March 4 (Reuters) - Reinvent Technology Partners Z :

* REINVENT TECHNOLOGY PARTNERS Z - RTPZ ENTERED INTO AN AGREEMENT AND PLAN OF MERGER WITH HIPPO ENTERPRISES

* REINVENT TECHNOLOGY PARTNERS Z - UPON EFFECTIVE TIME OF DOMESTICATION, RTPZ WILL IMMEDIATELY BE RENAMED “HIPPO HOLDINGS INC.”

* REINVENT TECHNOLOGY PARTNERS Z - PIPE INVESTORS HAVE SUBSCRIBED FOR 55 MILLION SHARES OF RTPZ COMMON STOCK FOR PURCHASE PRICE EQUAL TO $550 MILLION

* REINVENT TECHNOLOGY PARTNERS Z - TRANSACTION IMPLIES A FULLY DILUTED PRO FORMA ENTERPRISE VALUE OF $5 BILLION

* REINVENT TECHNOLOGY PARTNERS Z - PRO FORMA FOR TRANSACTION, HIPPO EXPECTS TO HAVE UP TO $1.2 BILLION IN CASH TO FUND GROWTH AND OPERATIONS

* REINVENT TECHNOLOGY PARTNERS Z - EXISTING HIPPO SHAREHOLDERS TO RETAIN ABOUT 87% OF PRO FORMA EQUITY IN DEAL

* REINVENT TECHNOLOGY PARTNERS Z - DEAL TO BE FUNDED BY COMBINATION OF CO'S CASH HELD IN TRUST ACCOUNT,PROCEEDS FROM REINVENT PIPE FOR OF UPTO $700 MILLION

Source: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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