From ‘Butter’ Deal to Lucid: Inside Citi’s 15-Year-Old SPAC Desk
- Lucid merger cements Citi’s rank as the top de-SPAC adviser
- Group Michael Klein helped create now works with him on deals
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As Michael Klein negotiated one of the biggest deals ever by a blank-check company, familiar faces sat across the table.
Many of the same bankers Klein worked with during his two-decade stint at Citigroup Inc. were involved in talks this week between electric-vehicle startup Lucid Motors Inc., which the bank advised, and Klein’s blank-check company, Churchill Capital Corp. IV. Lucid agreed to go public by merging with Klein’s firm in a deal valuing the company at $24 billion.