Kirkland & Ellis advised Ivanhoe Capital Acquisition Corp., a publicly-listed special purpose acquisition company (SPAC), on its business combination with SES Holdings Pte. Ltd., the world leader in the development and manufacturing of high-performance Hybrid Lithium-Metal (Li-Metal) rechargeable batteries for electric vehicles. Upon completion of the proposed transaction, the combined company will continue to operate under the SES name and be listed on the New York Stock Exchange under the ticker symbol “SES.” The transaction values the combined company at a pro forma implied equity value of approximately $3.6 billion, inclusive of a $300 million earn-out, with total expected gross proceeds of $476 million (assuming no redemptions by Ivanhoe’s public shareholders) raised to fund the company’s future growth and transition into its commercialization phase in 2025.
The transaction will create the only publicly traded hybrid Li-Metal battery company that combines the high energy density of Li-Metal with cost effective manufacturability at scale. The transaction is supported by strategic investors and global automakers that include General Motors (NYSE: GM) and Hyundai Motor Co. (KS: 005380), both of which are parties to existing joint development agreements with SES, as well as Geely Global (HK: 175) and SAIC, key partners in China, the world’s largest EV market.
The Kirkland team was led by corporate partners Sean Wheeler, Debbie Yee, Travis Distaso and Cephas Sekhar and associates Patty Liu and James Franceschini; tax partner David Wheat; executive compensation partner Rob Fowler; and technology & IP transactions partner John Lynn.