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TS Innovation Acquisitions Corp's (NASDAQ: TSIA) shares are surging on Monday after it was revealed that Latch Inc plans to go public via a blank check merger with the company.

TS Innovation Acquisitions, backed by property developer Tishman Speyer will merge with the smart lock maker in a deal that values the company at $1.56 billion.

Latch will receive approximately $510 million in cash, including $190 million-dollar from investors such as Chamath Palihapitiya and BlackRock Inc.

Palihapitiya has been an avid investor in SPAC mergers, recently investing in the Proterra, MP Materials, and Desktop Metals deals.

TS Acquisitions shares have jumped 126.83% premarket, trading at $23.50 following Friday’s close at $10.41.

The deal is expected to be completed in the second quarter of 2021 with Latch being listed on the NASDAQ under the ticker symbol LTCH.

“Latch has successfully created an entire ecosystem around our full building operating system, devices, and partners that enhances the building experience for both owners and residents,” said Luke Schoenfelder, Latch’s CEO.

“This transaction provides the capital for Latch to accelerate our product and market expansion and drive bookings growth. Furthermore, Latch will be able to harness Tishman Speyer's global real estate platform to more rapidly create new products, leveraging their vertically integrated real estate business and on-the-ground teams across the globe,” Schoenfelder added.

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