ArcLight Clean Transition in a filing announced today it has entered a merger agreement with electric bus maker Proterra. The deal is set to value Proterra at $1.6 billion after closing.
Proterra is set to gain $648 million in cash from the merger, including $278 million held in trust at ArcLight and a $415 million PIPE.
The two companies expect the deal to close in the first half of 2021.
ArcLight shares popped nearly 70 percent on the announcement. Read more.
