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Battery Maker Microvast Agrees to Merger With Tuscan SPAC

Transaction values the combined company at $3 billion
Microvast makes batteries for vehicles including buses, taxis

Bloomberg business news — IPO Market Hits Record $63 Billion January on SPAC Boom

By

Crystal Tse and

February 1, 2021, 2:00 AM UTCCorrectedFebruary 1, 2021, 4:08 PM UTC

Battery maker Microvast Inc. will go public via a merger with blank-check company Tuscan Holdings Corp. in a deal that values the combined company at $3 billion.

The companies will receive more than $800 million in cash when the deal closes, including a $540 million investment led by Oshkosh Corp., BlackRock Inc., Koch Strategic Platforms and InterPrivate, according to a statement Monday.