Electric-vehicle battery maker SES Holdings said on July 13 it would go public through a merger with a blank-cheque company in a deal that values the combined entity’s equity at $3.3 billion on a pro forma basis.
The deal with Ivanhoe Capital Acquisition Corp, backed by Canadian-American mining magnate Robert Friedland, will deliver $476 million in gross proceeds to SES. That includes a $200 million private investment in public equity from General Motors, Hyundai Motor, Geely Holding Group, Kia and SAIC Motor.
Founded in 2012 as a spinoff from Massachusetts Institute of Technology, SES operates two battery-prototyping facilities in the United States and China. The deal implies a fully diluted pro forma enterprise value for SES of $2.7 billion. Shares in Ivanhoe Capital Acquisition Corp were down 3.9% at $10.05 by 1400 GMT on July 13.An electric car charging sign is seen in a car park at a petrol station in Sao Paulo, Brazil, March 3, 2018.
Source: News Formal (newsformal.com)
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