Polestar in Advanced Talks to Merge with SPAC Gores Guggenheim (GGPI) in Deal Valuing EV Maker at $21B - WSJ

September 27, 2021 6:33 AM EDT

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Swedish EV maker Polestar is near a deal to merge with SPAC Gores Guggenheim, Inc. (NASDAQ: GGPI), the Wall Street Journal reported citing people familiar with the matter.

The deal would value Polestar at $21 billion, the report added.

Polestar is owned by Chinese carmaker Zhejiang Geely and backed by investors including actor Leonardo DiCaprio.

The company makes high-performance electric cars that rivals Tesla (NASDAQ: TSLA) and Lucid (NASDAQ: LCID).

Polestar will also receive an additional $250 million investment as part of the deal.

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