Ivanhoe Capital Acquisition today announced it has entered into a definitive agreement for a business combination with SES Holdings, a leader in the development and manufacturing of high-performance hybrid Lithium-Metal (Li-Metal) rechargeable batteries for electric vehicles.
The transaction values the combined company at a pro forma implied equity value of approximately $3.6 billion (inclusive of a $300 million earn-out) with total expected gross proceeds of $476 million (assuming no redemptions by Ivanhoe shareholders).
The deal is supported by strategic investors and global automakers that include General Motors, Hyundai and Kia, all of which are parties to existing automotive A-sample joint development agreements with SES, as well as Geely Holding Group, SAIC Motor, LG Technology Ventures and Foxconn, key global automakers and battery cell manufacturers in Asia, the world’s largest EV market.
If approved, upon merger completion the combined company will operate under the SES name and list on the NYSE under SES. Read more.