AI-powered insurtech Lemonade has entered into a definitive agreement to acquire pay-per-mile auto insurer, Metromile Inc., in an all-stock transaction that implies a fully diluted equity value of roughly USD 500 million, or just over USD 200 million net of cash.
In late November 2020, it was revealed that Metromile was to go public via a merger agreement with INSU Acquisition Corp. II, a special purpose acquisition company (SPAC), with an equity valuation of USD 1.3 billion.
