Battery manufacturer Microvast Inc. will be announced via a merger with a blankcheck company Tuscan Holdings Corp., according to people with knowledge of the matter.
The deal, which is expected to be announced as early as Monday, will value the joint venture at about $ 3 billion, say the people who asked not to be identified because the information is private.
The companies will receive more than $ 800 million in cash when the deal closes, which includes a $ 540 million investment under management Oshkosh Corp., BlackRock Inc., Koch Strategic Platforms and InterPrivate, the people said.
Representatives from Stafford, Microvast and Tuscan Texas declined to comment.
The Special Purpose Acquisition Company, Tuscan, raised $ 276 million in March 2019. Led by CEO Stephen Vogel, the firm said it intends to focus on acquisition targets in the cannabis industry, although it may continue according to any listing documents in any sector. .
Microvast, founded in 2006, makes batteries for commercial vehicles such as taxis and buses, as well as special transportation, including minesweepers and port equipment. CITIC Securities, a Chinese broker, led a $ 400 million private financing round in 2017, according to the company. website.
One of the leading investors in the additional investment to support the transaction – InterPrivate – also managed a SPAC. InterPrivate Acquisition Corp. sign a merger agreement with Lidar company Aeva Inc. in November.