A cross-border Linklaters team spanning the firm’s New York, Luxembourg, and London offices advised Arrival (Nasdaq: ARVL), inventor of a unique new method of design and production of electric vehicles (“EVs”), on its definitive agreement for a business combination with Kensington Capital Acquisition Corp. V (NYSE: KCGI.U), a special purpose acquisition company.

Founded in 2015, Arrival — a joint stock company governed by Luxembourg law — aims to revolutionize the Class 4 EV segment. Its XL Van is purpose-built to target the high-margin, last-mile delivery market, which Arrival believes is currently underserved by large-scale OEMs. In recent months, the company has sharpened its focus on its U.S. product strategy and plans to invest the expected proceeds from the transaction in the production of its XL Van at its Charlotte, North Carolina factory.

Upon closing of the transaction, the combined company will continue to be named “Arrival,” and its ordinary shares are expected to remain listed on Nasdaq under the ticker symbol “ARVL.”

The Linklaters team was led by Partners Jeff Cohen (New York, Capital Markets), Manfred Müller (Luxembourg, Corporate), Pierre-Emmanuel Perais (New York, Corporate), and Mike Bienenfeld (London, Corporate); Counsel Alex Parkhouse (London, Corporate); Senior Associate Andrew Kummer (New York, Capital Markets); and Associates Jihe Kim (New York, Corporate) and Annie Caccimelio (London, Corporate).

Linklaters also advised Arrival on going public in 2021 through a business combination with CIIG Merger Corp., a U.S. SPAC.