(Reuters) – Electric-car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management Inc <APO.N> at a $2.9 billion valuation, the companies said on Monday.
Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition Corp <SPAQ_u.N>, was leading a bidding war among blank-check companies for Fisker.
The proceeds are expected to be used to bring the company’s first product, the Fisker Ocean, to production in late-2022.
The deal mirrors that of peer Nikola Corp <NKLA.O>, which went public last month, as investors place bets on which startup will be the next Tesla Inc <TSLA.O>.
(Reporting by C Nivedita; Editing by Sriraj Kalluvila)
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