EV maker Fisker to go public by merging with blank check firm at US$2.9 billion valuation

Electric-car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management Inc at a US$2.9 billion valuation, the companies said on Monday.

FILE PHOTO: Fisker logo is seen on a Fisker Karma car at the"Auto 2016"car show in Riga, Latvia, April 15, 2016. REUTERS/Ints KalninsREUTERS: Electric-car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management Inc at a US$2.9 billion valuation, the companies said on Monday.

Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition Corp , 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 , which went public last month, as investors place bets on which startup will be the next Tesla Inc .

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