Volvo Cars’ affiliate Polestar to be listed in planned combination with Gores Guggenheim, implying an enterprise value of approximately U.S. $20bn for the combined company.
Volvo Cars,
the largest shareholder in premium electric vehicle company Polestar, today
welcomes the plans announced by Polestar to list on the Nasdaq stock exchange
in New York. The planned listing will be made through a business combination
with Gores Guggenheim, Inc, a special purpose acquisition company formed by
affiliates of The Gores Group and Guggenheim Capital LLC. The transaction
implies an enterprise value of approximately U.S. $20 billion for the combined
company. Please see Polestar’s announcement below.
Proceeds from
the business combination are expected to be used to help fund significant
investment in the expansion of Polestar’s products, operations and markets to
create a leading company in the rapidly growing global premium electric vehicle
market.
“Volvo Cars
is a proud and supportive shareholder in Polestar, which we founded and have
helped develop since its launch as an electric vehicle company in 2017,” said
Håkan Samuelsson, chief executive of Volvo Cars. Mr. Samuelsson, who is also
chairman of Polestar, added: “The estimated valuation for Polestar reflects the
exciting growth potential in electric vehicles, where we see sharply increased
demand.”
In connection
with the business combination, Volvo Cars will make additional equity
investments in Polestar by up to U.S. $600 million. Volvo Cars is, upon
completion of the transactions, expected to hold close to 50 per cent of the
combined company.
As earlier
announced Volvo Cars is evaluating a potential IPO during this year. This
process continues to progress according to plan.
Investor
enquiries:
Anna Oxenstierna
Head of Investor Relations
+46 31 59 00 00
investors@volvocars.com
This
information is information that Volvo Car AB (publ) is obliged to make public
pursuant to the EU Market Abuse Regulation. The information was submitted for
publication, through the agency of the contact person set out above, at 12.05
CET 27, September 2021.
Source: Volvo.
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