Electric vehicle maker Fisker Inc. plans to go public through a merger with a special purpose company backed by private equity firm Apollo Global Management Inc. at a $2.9 billion valuation, the companies said on Monday.
Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition Corp., was leading a bidding war among special purpose companies for Fisker.
The proceeds are expected to be used to bring the company’s first product, the Fisker Ocean, to production in late 2022.