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Lotus Technology, the car manufacturer owned by the Chinese group Geely, is going to enter the stock market across the Atlantic. To this end, a merger has been completed between Lotus Technology and a SPAC founded by the L Catterton fund, owned by Lvmh, Groupe Arnault, and Catterton.
The French company Lvmh will help Lotus Technology, the Chinese group Geely’s car brand, enter the American stock market.
On the surface, this is a simple illustration of globalization, but the details are a little more complex.
In order to introduce part of its Lotus sports car brand on the American Nasdaq, the Chinese group Geely will merge with a shell company founded by L Catterton. This private equity fund is owned by Lvmh, Groupe Arnault, the family holding of Bernard Arnault, its CEO, and Catterton.
Merger finalized in the second half of the year
The merger, which will give Geely, the current owner of Lotus Technology, control of 89.7% of the resulting company, is expected to be finalized in the second half of 2023. Lotus will be valued at $5.4 billion.
Announced Tuesday, the merger will be between Lotus Technology and L Catterton Asia Acquisition (LCAA), a special purpose acquisition company (SPAC) founded by L Catterton.
The Lotus deal includes $288 million in cash held by LCAA and an additional $100 million from a third party, which would presumably be Geely. In a second phase, Lotus also plans to raise external funds via a private placement of shares later this year.
3.7 billion invested in Lotus
The Chinese group Geely took control of Lotus in 2017 by acquiring a stake in the Malaysian Proton, then owner of the British brand. Geely has since invested $3.7 billion to renew the British brand, previously focused on sports cars, via the launch of a series of “lifestyle” vehicles, or electric SUVs.
Lotus Technology now has a new factory in Wuhan, with an annual production capacity of 150,000 electric vehicles. After the first model, the Lotus Eletre sold this year in China and Europe, the launch of an electric sports sedan is planned for 2023. An SUV is also planned for 2024.
Read also > Automobile: Lotus, soon to be listed on the stock exchange?
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Lotus Technology, the car manufacturer owned by the Chinese group Geely, is going to enter the stock market across the Atlantic. To this end, a merger has been completed between Lotus Technology and a SPAC founded by the L Catterton fund, owned by Lvmh, Groupe Arnault, and Catterton.
The French company Lvmh will help Lotus Technology, the Chinese group Geely’s car brand, enter the American stock market.
On the surface, this is a simple illustration of globalization, but the details are a little more complex.
In order to introduce part of its Lotus sports car brand on the American Nasdaq, the Chinese group Geely will merge with a shell company founded by L Catterton. This private equity fund is owned by Lvmh, Groupe Arnault, the family holding of Bernard Arnault, its CEO, and Catterton.
Merger finalized in the second half of the year
The merger, which will give Geely, the current owner of Lotus Technology, control of 89.7% of the resulting company, is expected to be finalized in the second half of 2023. Lotus will be valued at $5.4 billion.
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Lotus Technology, the car manufacturer owned by the Chinese group Geely, is going to enter the stock market across the Atlantic. To this end, a merger has been completed between Lotus Technology and a SPAC founded by the L Catterton fund, owned by Lvmh, Groupe Arnault, and Catterton.
The French company Lvmh will help Lotus Technology, the Chinese group Geely’s car brand, enter the American stock market.
On the surface, this is a simple illustration of globalization, but the details are a little more complex.
In order to introduce part of its Lotus sports car brand on the American Nasdaq, the Chinese group Geely will merge with a shell company founded by L Catterton. This private equity fund is owned by Lvmh, Groupe Arnault, the family holding of Bernard Arnault, its CEO, and Catterton.
Merger finalized in the second half of the year
The merger, which will give Geely, the current owner of Lotus Technology, control of 89.7% of the resulting company, is expected to be finalized in the second half of 2023. Lotus will be valued at $5.4 billion.
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