Davis Polk, Weil Power $11.75B Lucid Motors SPAC Merger

Law360 (February 22, 2021, 7:31 PM EST) -- California electric car company Lucid Motors will go public by merging with a special purpose acquisition company backed by a former Citigroup executive, in a transaction valued at $11.75 billion and driven by law firms Davis Polk & Wardwell LLP and Weil Gotshal & Manges LLP, the companies said Monday.

The agreement, rumored since January, combines Newark, California-based Lucid Motors Inc. with Churchill Capital Corp. IV at a transaction equity value of $11.75 billion, the companies said in their announcement.

Davis Polk is advising Lucid, while Weil represents Churchill.

Peter Rawlinson, CEO and chief technology officer of Lucid, said in a...

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