Insurance company Lemonade said late Monday it has agreed to buy Metromile in an all-stock deal, a bid to jumpstart its auto-insurance business that sent shares of Metromile more than 13% higher.
The deal would value Metromile MILE at about $500 million, Lemonade LMND said. Under the terms of the deal, Metromile shareholders will receive Lemonade common shares at a ratio of 19 to 1.
Lemonade…
