SoftBank Group Corp-backed Better HoldCo said on Tuesday it will go public through a merger with a blank-check firm sponsored by investment firm Novator Capital, valuing the mortgage startup at $7.7 billion.

As part of the deal with Aurora Acquisition Corp, SoftBank will invest $1.5 billion, giving Better a pre-money valuation of $6.9 billion.

The Japanese conglomerate, which invested $500 million earlier this year, is raising its bets on the startup as pandemic and historically low mortgage rates fuel a boom in the online mortgage space.

The deal will provide $778 million in proceeds for Better. Novator Capital will also invest $200 million in the deal.

Founded in 2016 and headquartered in New York, Better offers mortgage and insurance products to homeowners through its online platform. It says its customers can get their loans closed in as little as two weeks.

Wall Street’s biggest gold rush of recent years, SPACs are listed companies that have no regular business operations but typically find a company to merge with, thereby taking the target company public.

Earlier in the day, biotech company Ginkgo Bioworks announced a $17.5 billion mega-merger with Soaring Eagle Acquisition Corp.

The deals point to a rebound in dealmaking activity in the blank-check space after a lull spurred by weak investor appetite and greater regulatory scrutiny.

The U.S. Securities and Exchange Commission is weighing new guidance to rein in growth projections made by listed blank-check companies, Reuters reported last month.

This follows the suggestion from the regulator that SPACs account their warrants as liabilities instead of equity instruments.

The SEC directive has led companies including DraftKings and Virgin Galactic, which went public through blank-check mergers, to amend their financials.

BofA Securities is the financial adviser to Better, while Barclays advised Aurora.

Meanwhile,  Power management company Eaton today announced its eMobility business has been awarded a contract to supply a 24-to-12-volt DC-DC converter for use in a commercial heavy-duty battery electric vehicle (BEV) that will power accessories, such as antilock brakes and lighting. The BEV will be sold in the North American and China markets beginning later this year.

T”DC-DC converters are an essential part of our eMobility product portfolio and are used in a variety of vehicle applications,” said Pratik Trivedi, general manager, Eaton’s eMobility business. “Like traditional vehicles, electrified vehicles (EVs) have low-voltage loads on board-like infotainment systems, GPS and safety devices. So efficiently converting power from high to low is key, but it is also important to have a secondary converter to provide power to the traditional 12-volt loads. We’re delighted to bring our proven power-conversion technology to this new, innovative electric-truck platform.”

Eaton’s specialty converter, also known as a battery equalizer, works in conjunction with another converter that takes power from the BEV’s 600-volt system and steps it down to 24 volts. The eMobility unit then takes it down to 12 volts for use in low-voltage systems and to power a backup 12-volt battery in case of a fault in the main power supply. Having this equalizer function, the 12-volt battery and a split 24-volt battery system ensures essential safety equipment can operate on 12 volts in the event of a power failure. That capability makes the converter unique among product offerings in this space.

Eaton’s DC-DC converter also includes noise reduction and interference rejection so there is no interference between the unit and vehicle electronics.

“The converter is rugged and robust, providing a seal against environmental factors, such as salt spray and water, and has high vibration resiliency,” said Trivedi. “It is an ideal solution for manufacturers that require a dependable method to power traditional vehicle components in high-power battery electric vehicles.”

Eaton’s eMobility business was formed by combining products, expertise and global manufacturing capabilities from Eaton’s Electrical and Vehicle Groups. The eMobility product portfolio includes intelligent power electronics, reliable power distribution and protection solutions, and efficient power system electrification solutions for passenger car, commercial vehicle and off-highway customers. Learn more about Eaton’s eMobility business at Eaton.com/eMobility.

Eaton’s mission is to improve the quality of life and the environment through the use of power management technologies and services. We provide sustainable solutions that help our customers effectively manage electrical, hydraulic, and mechanical power - more safely, more efficiently, and more reliably. Eaton’s 2020 revenues were $17.9 billion, and we sell products to customers in more than 175 countries. We have approximately 92,000 employees.