Los Angeles and New York – Paul Hastings LLP, a leading global law firm, announced today that it advised Acorns Grow Incorporated (Acorns) in a business combination of Acorns, the largest subscription service in Consumer Finance, and Pioneer Merger Corp., a publicly traded special purpose acquisition company. The combined company will continue as a publicly listed entity and have an expected pro-forma fully-diluted equity value of approximately $2.2 billion.

Institutional investors including Wellington Management, Senator, Declaration Partners, Greycroft, The Rise Fund, TPG’s global impact investing platform, and funds and accounts managed by BlackRock have participated in the oversubscribed, upsized PIPE, which was raised at $10.00 per share.

The transaction is expected to close in the second half of 2021, subject to customary closing conditions. Upon completion, the company will operate as Acorns Holdings, Inc., and will be a publicly traded company on the Nasdaq Capital Market under the ticker symbol “OAKS.”

The Paul Hastings team that advised Acorns was led by partner Carl Sanchez on M&A and Christopher Austin on Securities and Capital Markets. The rest of the team included partner Stephen Harris; and associates Joseph Swanson, Susannah Nagle, Philip Cernera, Taylor Montgomery, and Christine Geils.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.