EV maker Lotus Tech to go public in the U.S. via deal with SPAC L Catterton (updated)

Lotus Technology

31/01/2023 13:08

(Updates with Lotus Tech's statement)
    By Brenda Goh
       SHANGHAI, Jan 31 (Reuters) - Lotus Technology said on
Tuesday that it will go public in the United States via a merger
with special purpose acquisition company L Catterton Asia
Acquisition Corp  LCAA.O  in a deal that will value the combined
group at $5.4 billion. 
    The valuation takes into account $288 million of cash in
LCAA's trust account, it said. L Catterton raised $250 million
when it went public in 2021. 
    Lotus Tech is a luxury electric vehicle maker division of
sports car brand Group Lotus, which is in turn owned jointly by
Chinese automaker Geely  GEELY.UL  and Malaysia's Etika
Automotive. 
    The unit is headquartered in the central Chinese city of
Wuhan and produces cars through a partnership with Geely. 
    Lotus Tech's existing shareholders, including Geely, Etika
and NIO Capital, an investment firm founded by the CEO of
Chinese electric vehicle maker Nio Inc  NIO.N , will retain
their interests in the company and own 89.7% of it following the
deal, it said. 
        The current leadership will also stay on and the
company's shares will list on the Nasdaq under the ticker symbol
"LOT", it added.
  
        "We expect the partnership to provide significant
support as Lotus Tech expands globally, with promising brand
collaboration and strategic partnership potential worldwide,"
Lotus Tech's Chief Executive Officer Feng Qingfeng said. 
  
        Lotus Tech plans to start deliveries of its electric
sports utility vehicle (SUV) Eletre in China in the first
quarter and then in Britain and the European Union later this
year, it said, adding that it has plans to expand deliveries to
the United States and other countries. 
  
        Deutsche Bank and Credit Suisse were among the advisors
on on the deal. 
  
 (Reporting by Brenda Goh; Additional reporting by Kane Wu in
Hong Kong; Editing by Jan Harvey and Louise Heavens)
 ((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters
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