XL Fleet to go public via blank-check merger at $1 billion valuation [Reuters]
Ford Motor Company (F)
Last ford motor company earnings: 4/28 04:09 pm
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Source: Reuters
By Reuters Staff 2 Min Read (Reuters) - XL Fleet, a company that works on fuel-efficiency solutions for vehicles, said on Friday it will go public through a merger with a blank check company in a deal that will value it at $1 billion. XL Fleet will merge with Pivotal Investment Corporation II PIC.N , which is backed by Jon Ledecky who is the majority owner of the NHL team, New York Islanders. The combined entity called XL Fleet will list on the New York Stock Exchange under the ticker "XL". XL provides electrified power-train solutions for U.S. and Canadian commercial fleet vehicles built by companies like Ford Motor Co F.N , General Motors-owned GM.N Chevrolet and Isuzu Motors 7202.T . The combined company is expected to receive about $350 million in cash, which includes $150 million from new and existing investors, after the deal closes. Canaccord Genuity LLC acted as financial advisor to XL while BTIG, LLC is the financial and capital markets advisor to Pivotal
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