Electric Car Maker Fisker to Go Public through SPAC Deal at $2.9 Billion Valuation
Electric car maker Fisker will go public through a merger with a blank-check company backed by alternative investment manager Apollo Global Management Inc at a valuation of $2.9 billion.
SPACs have been behind some of the most high-profile public listings of the last 12 months, including electric-vehicle startup Nikola Corp. Nikola shares are up more than 60% since their debut, and Tesla shares have more than quadrupled this year.
“In electrification, we could have played in buses or trucks, but the car part is a very fast-growing market,” said Geoffrey Strong, chairman and chief executive of Spartan and the co-head of infrastructure and natural resources at Apollo. “While there is room for several brands, we think that Fisker and Tesla will be at the forefront.”
The Fisker deal, expected to close in the fourth quarter, will provide Fisker with $1 billion in gross proceeds, including $500 million of funds from existing and new investors such as Alliance Bernstein and Black Rock Inc.
Fisker Chief Executive Henrik Fisker, a one-time Aston Martin designer said “We’re obviously very excited about getting full financing all the way to start of production,”
Fisker said the startup is in talks with other companies. Fisker also is talking with other automakers about using their hardware, including vehicle platforms, motors, battery packs, air conditioning, and other parts, while Fisker focuses on design, software and the consumer digital experience.
