Dutch SPAC in advanced talks to acquire electric vehicle group
20/07/2023 13:09
LONDON, July 20 (Reuters) - SPEAR Investments I
SPR1.AS , a special purpose acquisition company (SPAC), is in
advanced discussions to acquire QEV Technologies, a Spanish
electric vehicle firm, at a valuation of 209 million euros
($234 million), the companies said on Thursday.
The deal will see QEV Technologies, which recently won a
tender to operate a former Nissan manufacturing facility in
Barcelona, merge into SPEAR Investments I and trade on the
Amsterdam bourse.
It will come as a boost to the bruised SPAC market, after
many acquisition vehicles launched in the dealmaking rush that
followed the COVID-19 pandemic have been forced to return money
to investors after struggling to find targets.
SPEAR Investment I, backed by corporate finance houses STJ
Advisors and AZ Capital, listed in Amsterdam in late 2021. Last
week, it extended a deadline to strike an acquisition to
mid-August.
The planned merger will see QEV Technologies' existing
shareholder Inveready make a further investment in the company
alongside new investors to help support its growth.
Spanish news outlet El Confidencial was first to report on
the merger discussions.
($1 = 0.8929 euros)
(Reporting by Pablo Mayo Cerqueiro in London; editing by
Alexandra Hudson)
((Pablo.MayoCerqueiro@thomsonreuters.com;))