Deals
EV Maker Polestar Plans to Go Public Via Gores SPAC
- Transaction values combined company at about $20 billion
- Volvo-backed Polestar is a rival to Tesla and Lucid Motors
Photographer: Qilai Shen/Bloomberg
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Polestar, the electric-carmaker controlled by Volvo Car AB and its owner Zhejiang Geely Holding Group Co., has agreed to go public through a merger with blank-check company Gores Guggenheim Inc., according to people with knowledge of the matter.
The deal could be announced as soon as Monday, said the people, who asked not to be identified because the information was private. The combined company would be valued at about $20 billion including debt, one of the people said.