Polestar $20 billion combination with Gores Guggenheim
Davis Polk is advising Guggenheim Capital, LLC in connection with the $20 billion combination of Polestar Performance AB with Gores Guggenheim, Inc., a SPAC formed by affiliates of The Gores Group and Guggenheim Capital, LLC. The combined company will be held by a new public company that will be named Polestar Automotive Holding UK Limited, which is expected to be listed on Nasdaq under the ticker symbol “PSNY.” Investors have committed to purchase $250 million of securities of the combined company. The transaction is expected to close in the first half of 2022, subject to approval by Gores Guggenheim’s stockholders and other customary closing conditions.
Gores Guggenheim, Inc. is a SPAC sponsored by an affiliate of The Gores Group, LLC, founded by Alec Gores, and by an affiliate of Guggenheim Capital, LLC. With over 2,300 professionals based in offices around the world, Guggenheim Partners’ commitment is to advance the strategic interests of its clients and to deliver long-term results with excellence and integrity. Polestar is a Swedish premium electric performance car brand founded by Volvo Cars and Geely Holding. Polestar’s vehicles are available and on the road in 14 active global markets across Europe, North America and China.
The Davis Polk corporate team includes partners Leonard Kreynin, Stephen Salmon and Derek Dostal and associate Abigail G. Hathaway. Partner Ethan R. Goldman and associate Daniel L. Jose are providing tax advice. Counsel Mary K. Marks is providing antitrust and competition advice. Members of the Davis Polk team are based in the New York and Northern California offices.