China’s Geely will list part of its sports car brand Lotus in the US through a merger with a shell company that was founded by an LVMH-backed investment group in a deal that values the automaker at $5.4bn.
The merger announced on Tuesday will be between Lotus Technology, which has a plant in China and plans to make electric SUVs, and L Catterton Asia Acquisition Corp (LCAA), a special purpose acquisition vehicle, or Spac, founded by L Catterton.
L Catterton is a private equity group backed by LVMH and the family holding company for Bernard Arnault, the luxury group’s founder and currently the richest man in the world.
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