Hyperdrive
Geely’s Lotus Going Public via SPAC at $5.4 Billion Valuation
- EV maker looks to get a jump on high-end luxury brands
- Blank-check firm’s sponsor is linked to Arnault’s LVMH
Lotus Eletre SUV
Photographer: Sjoerd van der Wal/Getty ImagesThis article is for subscribers only.
Lotus Technology, the electric-car maker owned by China’s Zhejiang Geely Holding Group Co., agreed to merge with a blank-check company in a transaction that values the combined entity at about $5.4 billion.
L Catterton Asia Acquisition Corp. will combine with the EV making subsidiary of the British carmaking group that Geely acquired back in 2017, the two said in a statement Tuesday. The special purpose acquisition company’s sponsor has ties to Bernard Arnault, the world’s richest man.