The firm advised special purpose acquisition company (SPAC) Kensington Capital Acquisition Corp. V in its proposed merger with electric vehicle manufacturer Arrival. The deal – announced on April 6 – was valued at $524 million and is expected to close in the second half of 2023. The combined company will remain listed on Nasdaq under the ticker symbol ARVL.
With an increased focus on its U.S. product strategy, Arrival plans to invest the expected proceeds to build a manufacturing facility in Charlotte, which is set to begin construction in late 2024.
"We believe Arrival is at the forefront of the single greatest mega-trend in transportation: electric mobility," said Kensington's Chairman and CEO Justin Mirro. "While there are many companies making electric vehicles today, Arrival has built a next-generation Class 4 van, taking advantage of 200 patents and over $1B in invested capital, that meets the needs of today's drivers, fleet operators and delivery customers."
Reuters and The American Lawyer covered the deal.
Based in the UK, with a U.S. location in North Carolina, Arrival is an electric vehicle manufacturer that uses its in-house technologies to create various types of vans, buses and cars. The company uses proprietary hardware components, robotics technologies and sustainable composite materials to produce customized vehicles.
Chuck Samuelson and Alexander Rahn led the HHR team with key assistance from Andy Braiterman, Tyler Grove, Shahzeb Lari, Charlie Wachsstock, Jenny Graham, James Klaiber, Kristin Millay, Carol Remy, Mark Schuber, Andrea Castro-Mendivil, Justin Cohen, Ryan Corn, Jiayin Liao and Jonathan Zygielbaum.
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