Kirkland advised ACON S2 Acquisition Corp. (NASDAQ: STWO), a publicly traded special purpose acquisition company, on its business combination with ESS Tech, Inc., a manufacturer of long-duration iron flow batteries for commercial and utility-scale energy storage applications. The transaction will result in ESS becoming a publicly listed company. The combined company will have a pro forma enterprise value of $1.072 billion. As part of the transaction, ACON S2 raised a $250 million fully committed PIPE from institutional investors. The transaction is expected to close in the third quarter.
Read the ACON S2 and ESS press release
The Kirkland team was led by corporate partners Shawn OHargan, Doug Bacon and Anthony Speier and associates Jennifer Gasser, R.J. Malenfant and Alia Heintz and capital markets partner Matt Pacey and associate Logan Weissler.