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
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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.