Five firms power EV maker Polestar’s union with Gores Guggenheim SPAC

People look at a Polestar car during the Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Michaela Rehle

  • Kirkland advises Polestar
  • Weil, Hannes Snellman counsel Gores Guggenheim
  • Latham, Davis Polk also support deal

(Reuters) – Five law firms, including Kirkland & Ellis and Weil, Gotshal & Manges are steering Swedish electric vehicle maker Polestar Performance AB and special purpose acquisition company Gores Guggenheim Inc’s plans to merge and create a company worth roughly $20 billion.

The companies announced the deal on Monday, as large SPAC deals have become less common amid a decrease in investor interest and a regulatory crackdown.

Polestar has tapped a Kirkland team led by corporate partners Eric Schiele, David Feirstein and Marshall Shaffer; and capital markets partners Christian Nagler, Tim Cruickshank and Alex Lloyd.

Weil and Nordic law firm Hannes Snellman are guiding Gores Guggenheim on the merger.

The Weil attorneys are led by private equity partner Kyle Krpata. The team includes mergers and acquisition partner James Griffin and counsel Dov Kogen, as well as capital markets partner Heather Emmel.

SPACs or blank-check firms raise funds through initial public offerings to merge with private companies and take them public.

Emmel previously worked on Gores Guggenheim’s March IPO, according to filings with the U.S. Securities and Exchange Commission.

The Hannes Snellman team includes M&A partner Richard Åkerman; intellectual property and technology partner Elisabeth Vestin and counsel Anna Ribenfors; and finance partner Fredrik Olsson.

Gores Guggenheim was formed by affiliates of investment firms The Gores Group and Guggenheim Capital LLC.

Guggenheim Capital has paired with a Davis Polk & Wardwell corporate team that includes partners Leonard Kreynin, Stephen Salmon and Derek Dostal.

Polestar and Gores Guggenheim’s merger is expected to close in the first half of 2022.

The electric vehicle maker’s financial adviser is Citi, while the SPAC’s are Deutsche Bank Securities Inc, Morgan Stanley, Guggenheim Securities LLC and Barclays.

Some of the financial advisers are also acting as placement agents on a private investment in public equity connected to the business combination. Latham is advising the placement agents.

The companies’ $20 billion planned union comes after electric vehicle maker Lucid Motors said in February that it would go public through a merger valuing the combined company at a pro-forma equity value of $24 billion.

Weil also advised the blank-check company on that deal, Churchill Capital Corp IV, while Davis Polk & Wardwell counseled Lucid Motors.

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Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at

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