Orrick is advising San Francisco-based carsharing marketplace Getaround on its definitive agreement to become publicly traded via a merger with InterPrivate II Acquisition Corp. (NYSE:IPVA), a publicly-traded special purpose acquisition company. The transaction values the combined company at a pro forma equity value of $1.2 billion, assuming no redemptions from InterPrivate’s $259 million trust.
The business combination is expected to result in at least $225 million and up to $434 million in gross proceeds to the company, including a convertible note commitment of up to $175 million provided by affiliates of Mudrick Capital Management.
Closing is expected in the second half of 2022, and the combined company’s shares will listed on the NYSE under the ticker "GETR."
The Orrick team advising Getaround is led by Stephen Venuto, Matthew Gemello and Bill Hughes and includes Joseph Perkins, Brian Blood, Christine McCarthy, Niki Fang, Michael Ruiz, Ching-Yin Chen, Brett Cooper, Dolph Hellman, Jessica Kim, Steve Malvey, Ken Marx and Daniel Yost.