Gores Group to take Swedish EV manufacturer public via SPAC

BOULDER and GOTHENBURG, Sweden — The Gores Group, a Boulder private equity firm that has taken several companies public via special-purpose acquisition companies, has found its next target: Swedish electric vehicle manufacturer Polestar. 

The companies announced the combination Monday in a joint news release.

As a SPAC transaction, the companies will combine in a reverse merger, with the new company trading publicly under the Polestar name and branding. The company currently trades under the stock ticker GGPI. When the merger is complete, the ticker symbol will change to PSNY. 

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Polestar began as a subsidiary of automaker Volvo. It was spun off in 2017 to focus on building high-end, luxury electric vehicles. The SPAC deal will bring Polestar more than $1.2 billion in cash.

This will be the eighth company that The Gores Group has taken public via SPAC. Its previous mergers included snack company Hostess, lender United Wholesale Mortgage and imaging software company Matterport.

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