EV Battery Maker SES agrees to publish via Ivanhoe SPAC

Battery Maker SES Holdings Pte has agreed to make it public with Ivanhoe Capital Acquisition Corp. in a deal that will cost the combined company $ 3.6 billion, according to people familiar with the matter.

The combined company will make a profit of $ 476 million from people who have asked not to be identified because it is private information. People say that Ivanhoe, a special purpose buying company or SPAC, raises about $ 276 million.

According to people, $ 200 million in PIPE investors include Koch Strategic Platforms, Hyundai Motor Co., Geely Holding Group, Kia Corp. and General Motors Co.

The deal could be announced as soon as Tuesday, they said.

Representatives from SES and Ivanhoe refused.

Singapore’s SES makes hybrid rechargeable lithium-metal batteries for electric vehicles.

Ivanhoe raised $ 276 million in its initial public offering in January, including so-called greenshoe shares. The shares of the combined company are expected to be traded on the New York Stock Exchange under the symbol SES.


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