Refile: EV maker Lotus Tech plans U.S. IPO via deal with SPAC L Catterton - sources

Lotus Technology

31/01/2023 12:25

(Refiles to add sourcing to the headline)
       SHANGHAI, Jan 31 (Reuters) - Lotus Technology 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,
people familiar with the matter said on Tuesday.
    The valuation takes into account $288 million of cash in
LCAA's trust account, they said. 
    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. 
    Lotus Tech's existing shareholders, including Geely, Etika
and NIO Capital, will retain their interests in the company and
own almost 90% of it following the deal, they said.
    The firm's current leadership team will also stay on, they
added. 
    Lotus began production of its first electric sports utility
vehicle (SUV) at the end of 2022 and intends to begin deliveries
in the first quarter of this year, it said in September.
 (Reporting by Brenda Goh; Editing by Jan Harvey)
 ((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters
Messaging: brenda.goh.thomsonreuters.com@reuters.net))