Premium Only Content

XL Fleet Agrees to Go Public Via Merger With Pivotal Investment Corp. II PIC WorkHorse WKHS
Canoo Live Stream 9 10 2020 Cowen
https://finance.yahoo.com/news/xl-fleet-said-agree-public-223330674.html
https://www.xlfleet.com/vehicles/
HomeMailNewsFinanceSportsEntertainmentSearchMobileMore...
YAHOO_FINANCE
Search
Sign in
Finance Home
Premium - Try it free
2020 Election
Watchlists
My Portfolio
Screeners
Premium
Markets
News
Personal Finance
Videos
Industries
Tech
U.S. markets closed
S&P 500
3,357.01
-28.48(-0.84%)
Dow 30
27,901.98
-130.40(-0.47%)
Nasdaq
10,910.28
-140.19(-1.27%)
Russell 2000
1,542.60
-9.73(-0.63%)
XL Fleet Agrees to Go Public Via Merger With Pivotal
[Bloomberg]
Gillian Tan
BloombergSeptember 17, 2020
XL Fleet Agrees to Go Public Via Merger With Pivotal
View photos
(Bloomberg) -- XL Fleet, a company that makes systems to reduce fuel consumption, has agreed to go public through a merger with blank-check company Pivotal Investment Corp. II, according to people with knowledge of the matter.
The combined company will be worth about $1 billion, including debt, said one of the people, requesting anonymity because the deal isn’t yet public.
Pivotal has held talks with potential investors about raising $150 million in new equity for the deal, which could be announced as soon as Friday, one of the people said.
Pivotal’s shares rose more than 3% in late trading Thursday.
A Pivotal representative declined to comment while a representative for XL Fleet didn’t immediately respond to a request for comment.
Boston-based XL Fleet makes systems that are compatible with vehicles made by Ford Motor Co. and General Motors Co.’s Chevrolet, its website shows.
It helps companies with fleets of vehicles cut costs and lower emissions by providing parts that electrify certain functions. It also provides software that monitors vehicle performance. Customers include The Coca-Cola Co. and Verizon Communications Inc.
XL is forecasting that sales will more than triple next year to $75 million, according to one of the people.
The company, led by Chief Executive Officer Dimitri Kazarinoff and founder Tod Hynes, is backed by investors including Constellation Technology Ventures, the venture capital arm of Exelon Corp. Swedish furniture maker IKEA and OGCI Climate Investments are also backers.
Pivotal, a special purpose acquisition company backed by by Chief Executive Officer Jonathan Ledecky and Kevin Griffin’s MGG Investment Group LP, raised $230 million in an initial public offering last year.
Ledecky, a co-owner of the National Hockey League’s New York Islanders, has done blank-check deals before.
Last year, another Pivotal SPAC agreed to merge with data software company KLDiscovery Inc. In 2007, another Ledecky SPAC known as Endeavor Acquisition Corp. closed its merger with American Apparel Inc.
Blank-check companies are being raised at a rapid clip, in part because private companies have increasingly considered them as a viable alternative to an IPO, during which selling investors potentially leave some cash on the table in what’s known as a first-day pop.
(Updates Pivotal trading in fourth paragraph.)
For more articles like this, please visit us at bloomberg.com
-
LIVE
JuicyJohns
6 minutes ago🟢#1 REBIRTH PLAYER 10.2+ KD🟢CASH CUSTOMS
2,339 watching -
50:28
Mike Rowe
1 day agoExposing The Lies Of January 6th | Nick Searcy #446 | The Way I Heard It
13.3K39 -
LIVE
FyrBorne
12 hours ago🔴Battlefield 6 Live M&K Gameplay: Not In COD Anymore (Tips and Tricks)
447 watching -
1:18:35
Side Scrollers Podcast
18 hours agoEVERY 10 SUBS I JUMP
1.25K -
14:56
Scammer Payback
23 hours agoRaided Scam Call Center Returns (Video Proof)
76.6K26 -
15:24
BlackDiamondGunsandGear
1 month agoNEW Best Budget Duty pistol? / Tisas PX-9 Duty Comp
9.22K4 -
LIVE
Boxin
2 hours agoGrounded! part 2
70 watching -
25:38
TheRoyaltyAutoService
15 hours ago $3.25 earnedThis 2020 Nissan Murano Was In The Shop For Months & Gave Him Nightmares…
15.4K2 -
9:57
Red Pill MMA
21 hours agoIrish Media Corruption & Lies EXPOSED
9.05K14 -
31:05
ArturRehi
1 day agoKarma Arrives in Russia - Explosions, Fear and Panic | Ukraine Update
13.6K32