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: Metromile stock rallies 7% after Lemonade announces acquisition

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 surging 7% higher in after-hours trading.

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…

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