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Sonder Holdings and Gores Metropoulos II, a special purpose acquisition company (SPAC) sponsored by an affiliate of The Gores Group, LLC, have entered into a definitive agreement to combine.

The hospitality business is expected to have a pro forma enterprise value of $2.2 billion and over $700 million of net cash at closing. That $2.2 billion will represent 3.6 times Sonder’s projected 2022 revenue. Existing Sonder stockholders will retain 74% ownership in the pro forma company.

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