Kirkland Represents L Catterton Asia Acquisition Corp. on Business Combination with Lotus Technology Inc.

Kirkland & Ellis advised L Catterton Asia Acquisition Corp (NASDAQ: LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a leading global consumer-focused investment firm, on its business combination with Lotus Technology Inc., a leading global luxury electric vehicle maker that operates under the iconic British brand, Lotus. The transaction values the combined business at a pro forma enterprise value of approximately $5.4 billion, taking into account up to approximately $288 million of cash from LCAA’s trust account (assuming none of LCAA’s public shareholders elect to redeem their shares). All existing Lotus Tech equity holders, including Geely Holdings, Etika and Nio Capital, are expected to retain their interests in Lotus Tech and own a total of approximately 89.7% of the issued and outstanding equity of the combined company. Upon completion of the transaction, the combined business is expected to be listed under the ticker symbol “LOT”. The transaction is subject to customary closing conditions and is expected to close in the latter half of 2023.

Read Lotus Tech’s press release

The Kirkland team was led by transactional partners Jesse Sheley and Joseph Raymond Casey and capital markets partners Steve Lin and Justin You Zhou.