The shares of special purpose acquisition corporation (SPAC) TS Innovation Acquisitions Corp. (TSIAU) have jumped +9.46% to $14.69 on Thursday.

This week, the building software provider, Latch Inc has decided to merge with real estate owner and developer Tishman Speyer Properties LP’s SPAC TS Innovation to become publically traded. The deal resulted in a price surge of 42.23% in the TSIAU stock on Monday.

The deal has a $1.56 billion market valuation, the merging firms said in a statement. Upon closure, Latch will operate under the new ticker “LTCH” on Nasdaq. Established in 2014, Latch offers smart home services such as smart entry, smart sensors, and networking to buildings and occupants. The business has partnered with major owners and developers in real estate, including Tishman Speyer, and more than 300,000 units have been reserved by the company is about 35 U.S. states. One out of ten new multifamily apartments in the U.S. is developed with Latch apps in 2019.

The business will continue to be headed by Luke Schoenfelder, co-founder, and chief executive, and the board will be replaced by Rob Speyer, president, and CEO of Tishman who is also the CEO and Chairman of TS Innovation. Latch has $157 million in revenue registered in 2020, equivalent to a 49 percent increase over 2019. The firm will have up to $510 million in cash after the deal concludes. The transaction is anticipated to be closing in the second quarter of this year.

TS Innovation is a Tishman Speyer created blank check company targeting takeover, capital stock swap, acquisition of assets, purchasing of stocks, reconfiguration, or a related corporate mix of one or more entities. TS Innovation recently closed its original 30,000,000 unit public offering at $10.00 per unit last November. One share of the common stock and one-third of one redeemable warrant was comprised of each unit.

In just a bit more than 2 months of its IPO, TS Innovation Acquisitions Corp. (TSIAU) succeeded to made an acquisition deal, which highlights the potential and aggressive business model of the SPAC.