Anuncios
U.S. markets closed
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Russell 2000

    2,124.55
    +10.20 (+0.48%)
     
  • Petróleo

    83.11
    -0.06 (-0.07%)
     
  • Oro

    2,254.80
    +16.40 (+0.73%)
     
  • Plata

    25.10
    +0.18 (+0.74%)
     
  • dólar/euro

    1.0778
    -0.0015 (-0.14%)
     
  • Bono a 10 años

    4.2060
    +0.0100 (+0.24%)
     
  • dólar/libra

    1.2619
    -0.0003 (-0.02%)
     
  • yen/dólar

    151.4290
    +0.0570 (+0.04%)
     
  • Bitcoin USD

    70,282.21
    +318.34 (+0.46%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Nikkei 225

    40,485.62
    +317.55 (+0.79%)
     

XL Fleet to go public via blank-check merger at $1 bln valuation

Sept 18 (Reuters) - XL Fleet, a company that works on fuel-efficiency solutions for vehicles, said on Friday it will go public through a merger with a blank check company in a deal that will value it at $1 billion.

XL Fleet will merge with Pivotal Investment Corporation II , which is backed by Jon Ledecky who is the majority owner of the NHL team, New York Islanders. The combined entity called XL Fleet will list on the New York Stock Exchange under the ticker "XL".

XL provides electrified power-train solutions for U.S. and Canadian commercial fleet vehicles built by companies like Ford Motor Co, General Motors-owned Chevrolet and Isuzu Motors.

The combined company is expected to receive about $350 million in cash, which includes $150 million from new and existing investors, after the deal closes.

PUBLICIDAD

Canaccord Genuity LLC acted as financial advisor to XL while BTIG, LLC is the financial and capital markets advisor to Pivotal.

A blank check company, or special purpose acquisition company (SPAC), is a shell company that uses IPO proceeds, together with debt, to acquire another company, typically within two years. Investors are not notified in advance what the SPAC will buy.

SPACs have emerged as a quick route to the stock market for companies, particularly auto technology startups, concerned about the risk of the lengthy IPO process. In some cases, these companies have also struggled to attract interest from institutional investors such as pension funds and venture capital firms.

Earlier this week, Reuters reported that ChargePoint Inc, one of the world's oldest and largest electric vehicle charging networks, is nearing a deal to go public through a reverse merger with Switchback Energy Acquisition Corp. (Reporting by Madhvi Pokhriyal in Bengaluru; Editing by Shailesh Kuber)