Vinson & Elkins is advising an
Spartan Energy Acquisition Corp., a special purpose acquisition company, is merging with Fisker to create a new entity expected to be worth $2.9 billion, according to a statement. Fisker said it plans to use the more than $1 billion it takes in from the merger to fund development of an all-electric sport utility vehicle, to begin production in 2022.
Orrick Herrington & Sutcliff said it’s advising Fisker on the transaction, which calls for the merged company to be listed on the New York Stock Exchange. The new company’s expected value assumes a $10.00 share price and certain other conditions.
The merged company’s board of directors would include existing Fisker board members and an Apollo designee. Fisker is the second electric-car venture started by auto designer Henrik Fisker, after the first one went bankrupt in 2013.