Holley, a maker of car and truck products for automotive enthusiasts, today announced plans to combine with Empower at an enterprise valuation of $1.55 billion. Pending shareholder approval and after closing the transaction, Holley would trade on the NYSE under HLLY.
Estimated cash proceeds from the transaction are expected to consist of Empower’s $250 million in trust, plus a $50 million forward purchase agreement from MidOcean Fund V. In addition, investors led by Wells Capital Management and Wasatch Global Investors have committed to invest $240 million in a PIPE. Read more.
