Metromile stock rallies 7% after Lemonade announces acquisition

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Last Updated: Nov. 8, 2021 astatine 8:29 p.m. ET First Published: Nov. 8, 2021 astatine 4:55 p.m. ET

Insurance institution Lemonade said precocious Monday it has agreed to bargain Metromile successful an all-stock deal, a bid to jumpstart its auto-insurance concern that sent shares of Metromile surging 7% higher successful after-hours trading.

The woody would worth Metromile MILE astatine astir $500 million, Lemonade LMND said. Under the presumption of the deal, Metromile shareholders volition person Lemonade communal shares astatine a ratio of 19 to 1.

Lemonade...

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