SmartRent to go public after merger with SPAC Fifth Wall, in a deal valuing combined company at $2.2 billion

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SmartRent.com Inc., a provider of smart home operating systems, said Thursday it will go public through a merger with special purpose acquisition company (SPAC) Fifth Wall Acquisition Corp. I
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in a deal that values the combined company at $2.2 billion. When the deal closes, which is expected to occur in the third quarter of 2021, the combined company is expected to have about $513 million in cash. SmartRent said it expects to achieve positive Ebitda (earnings before interest, taxes, depreciation and amortization) by 2022, and that 80% of its unit projections through 2022 come from already committed units. Fifth Wall’s stock, which started trading on Feb. 5, rose 1.7% in premarket trading.

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