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Battery maker SES Holdings Pte has agreed to go public by merging with Ivanhoe Capital Acquisition Corp. in a deal that will value the combined company at about $3.6 billion.
The combined entity will get as much as $476 million in gross proceeds, according to a statement July 13 that confirmed an earlier Bloomberg News report.
That includes about $276 million from Ivanhoe, a special purpose acquisition company, or SPAC, plus a fully committed private investment in public equity, or PIPE.
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The investors in the $200 million PIPE include Koch Strategic Platforms, Hyundai Motor Co., Geely Holding Group, Kia Corp. and General Motors Co., according to the statement.
Singapore-based SES makes hybrid lithium-metal rechargeable batteries for electric vehicles.
Ivanhoe raised $276 million including so-called greenshoe shares in its initial public offering in January. The shares of the combined company are expected to trade on the New York Stock Exchange under the symbol SES.
Goldman Sachs Group Inc. served as financial adviser to SES, with Morgan Stanley working as sole placement agent on the PIPE offering and financial adviser to Ivanhoe.
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