EV maker Fisker to go public by merging with blank check firm at $2.9 billion valuation

© Reuters. The logo of an extended rage electric vehicle Fisker Karma is seen at the start of an electric car rally in Tallinn

(Reuters) – Electric-car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management Inc at a $2.9 billion (2.3 billion pounds) valuation, the companies said on Monday.

Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition Corp, was leading a bidding war among blank-check companies for Fisker.

The proceeds are expected to be used to bring the company’s first product, the Fisker Ocean, to production in late-2022.

The deal mirrors that of peer Nikola Corp, which went public last month, as investors place bets on which startup will be the next Tesla Inc.

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