Kirkland & Ellis advised Polestar Performance AB and its affiliates, the global electric performance car company, on its business combination with Gores Guggenheim Inc. (Nasdaq: GGPI, GGPIW), a special purpose acquisition company formed by affiliates of The Gores Group and Guggenheim Capital, LLC. Upon closing of the proposed business combination, the combined company will be held by a new public company that will be named Polestar Automotive Holding UK Limited, which is expected to be listed on the Nasdaq under the ticker symbol “PSNY”. The transaction implies an enterprise value of approximately $20 billion. The transaction includes approximately $800 million of cash from Gores Guggenheim, Inc.’s trust account (subject to shareholder redemption rights) and $250 million in cash from PIPE financing. The combination is subject to customary closing conditions and is expected to close in the first half of 2022.
Read the Polestar press release
The Kirkland team was led by corporate partners Eric Schiele, David Feirstein and Marshall Shaffer and associates Emily Lichtenheld and Jaye Kasper and capital markets partners Christian Nagler, Tim Cruickshank and Alex Lloyd and associate Mathieu Kohmann. The team also included corporate partners Daniel Dusek, Nicholas Norris, Stuart Boyd and Shuting Qi and associates Brandon Nesfield, Jay Pak, Eric St. Bernard, Julian Holland and Michael Ning, tax partners Sara Zablotney and Andrew Douglas and associates Sherry Xie, Liz Allison and Timothy Lowe, and executive compensation partner Michael Krasnovksy and associate Alison Beskin.
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