Shearman And Sterling

News February 01, 2023

Lotus Technology to Go Public through Business Combination with L Catterton Asia Acquisition

Shearman & Sterling is representing Credit Suisse Securities (USA) LLC who is acting as capital markets advisor to L Catterton Asia Acquisition Corp. (LCAA) in connection with a proposed business combination between LCAA and Lotus Technology Inc. (Lotus Tech). The business combination values the combined company at approximately US$5.4 billion (pro forma enterprise value).

Headquartered in Wuhan, China, Lotus Tech is a leading global luxury electric vehicle maker that operates under the iconic British brand “Lotus”. The company is dedicated to delivering luxury lifestyle battery electric vehicles, including SUVs and sedans with a focus on world-class R&D in next-generation automobility technologies, such as electrification and digitalization. LCAA is a special purpose acquisition company listed on the Nasdaq (Nasdaq: LCAA) that is affiliated with L Catterton, a leading global consumer-focused investment firm.

Proceeds from the business combination are expected to be used for further product innovation, next-generation automobility technology development, global distribution network expansion, and general corporate purposes. The business combination is subject to the approval of LCAA’s shareholders and Lotus Tech’s shareholders, respectively, and the satisfaction of various closing conditions, and is expected to be completed in the latter half of 2023.

The Team