Geely’s Lotus Going Public Via SPAC at $5.4 Billion Valuation

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.

Lotus Tech has been looking to go public since at least early last year. Management may have been encouraged by ...