Three Firms Steer SoFi’s Merger With Facebook Alum’s SPAC

Goodwin Procter and Wachtell, Lipton, Rosen & Katz are advising online financial services company Social Finance Inc. on its $8.7 billion go-public merger with a special purpose acquisition company founded and led by former Facebook Inc. executive Chamath Palihapitiya.

Skadden, Arps, is advising the SPAC, Social Capital Hedosophia Holdings Corp. V, a partnership between investment firms Social Capital and Hedosophia.

The transaction is expected to bring in as much as $2.4 billion in cash proceeds, including $1.2 billion via a PIPE, or private investment in public equity, according to a statement.

Social Finance Inc., which is known as SoFi, says ...