UK markets closed
  • FTSE 100

    7,027.58
    +59.28 (+0.85%)
     
  • FTSE 250

    22,883.39
    +206.09 (+0.91%)
     
  • AIM

    1,232.54
    +4.45 (+0.36%)
     
  • GBP/EUR

    1.1682
    -0.0006 (-0.05%)
     
  • GBP/USD

    1.3764
    -0.0004 (-0.03%)
     
  • BTC-GBP

    25,112.95
    +339.20 (+1.37%)
     
  • CMC Crypto 200

    786.33
    -7.40 (-0.93%)
     
  • S&P 500

    4,411.79
    +44.31 (+1.01%)
     
  • DOW

    35,061.55
    +238.15 (+0.68%)
     
  • CRUDE OIL

    72.17
    +0.10 (+0.14%)
     
  • GOLD FUTURES

    1,802.10
    +0.30 (+0.02%)
     
  • NIKKEI 225

    27,548.00
    +159.80 (+0.58%)
     
  • HANG SENG

    27,321.98
    -401.82 (-1.45%)
     
  • DAX

    15,669.29
    +154.79 (+1.00%)
     
  • CAC 40

    6,568.82
    +87.23 (+1.35%)
     

EV battery maker SES Holdings to go public in $3.6 billion SPAC deal

·1-min read

(Reuters) - Electric-vehicle battery maker SES Holdings said on Tuesday it would go public through a merger with a blank-check company in a deal that values the combined entity at $3.6 billion.

The deal with Ivanhoe Capital Acquisition Corp will fetch $476 million in proceeds for SES, including a private investment in public equity (PIPE) of $200 million from General Motors Co, Hyundai Motor Co Geely Holding Group and others.

Founded in 2012 as a company spun out of Massachusetts Institute of Technology, SES operates two battery-prototyping facilities in the United States and China.

Special purpose acquisition companies, or SPACs, are shell companies that raise funds through an initial public offering to take a private company public through a merger at a later date.

Ivanhoe raised $276 million in its initial public offering, which was completed in January.

The merger is expected to close in the third or fourth quarter this year, after which the combined company will trade on the New York Stock Exchange under the symbol "SES".

(Reporting by Niket Nishant in Bengaluru; Editing by Ramakrishnan M.)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting