Ex-Russian Minister Nets $11B With a SPAC: Report

Arrival | CIIG Merger

By the time a start-up has gone public, a founder can count themselves lucky if they still own 20% of the shares. It’s striking then that the boss of Britain’s Arrival Ltd., Russian tycoon and ex-politician Denis Sverdlov, will control 76 percent of its stock after the maker of electric vans and buses completes a merger with a SPAC in the coming weeks, Bloomberg reports.

The stake, owned by Sverdlov’s Luxembourg investment company Kinetik Sarl, is valued at about $11 billion even though Arrival hasn’t begun manufacturing vehicles yet. Read more.

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