(Reuters) - Electric car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Managemen

Electric car maker Fisker to go public through SPAC deal at $2.9 billion valuation

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2020-07-13 13:57:51

(Reuters) - Electric car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management Inc at a valuation of $2.9 billion, the companies said on Monday.

Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition Corp <SPAQ_u.N>, was leading a bidding war among blank-check companies for Fisker.

The deal will provide Fisker with $1 billion in gross proceeds, including $500 million of funds from existing and new investors such as AllianceBernstein and BlackRock Inc.

Henrik Fisker, a one-time Aston-Martin designer, launched the eponymous Los Angeles-based company in 2016, and plans to begin selling the Fisker Ocean luxury electric SUV at a starting price of $37,500.

His previous automotive venture, Fisker Automotive, filed for bankruptcy in 2013 after burning through $1.4 billion in private investments and taxpayer-funded loans.