Empower said its shareholders voted to approve the business combination with Holley Intermediate Holdings, a maker of car and truck products for automotive enthusiasts. The deal is valued at $1.55 billion.
The press release did not note if there were any redemptions ahead of the vote. The SPAC had not filed an 8-K on the shareholder meeting as of Thursday morning.
The business combination is expected to close Friday when Holley will list 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.
