LiveWire, the Harley-Davidson electric motorcycle division, has entered a merger with AEA-Bridges Impact Corp. (NYSE: IMPX), a special purpose acquisition company and sponsored by AEA Investors and Bridges Fund Management. The resulting company will be publicly traded on the New York Stock exchange under the symbol “LVW”.
LiveWire intends to redefine motorcycling as an all-electric motorcycle company and to develop technology for future products. The firm hopes that as a result of the merger, LiveWire will be a dedicated electric brand with the capabilities to lead, grow and change the motorcycle industry.
The deal is funded through $400 million in cash from ABIC, $100 million from Harley-Davidson and a $100 million investment from KYMCO.
“This transaction will give LiveWire the freedom to fund new product development and accelerate its go-to-market model.” said Jochen Zeitz, chairman and CEO of Harley-Davidson. “LiveWire will be able to operate as an agile and innovative public company while benefitting from the at-scale manufacturing and distribution capabilities of its strategic partners, Harley-Davidson and KYMCO.”
J.P. Morgan Securities LLC is serving as financial advisor to Harley-Davidson, and Latham & Watkins LLP is serving as legal counsel. Credit Suisse Securities (USA) LLC is serving as financial advisor and capital markets advisor to ABIC. Citigroup Global Markets Inc. is serving as capital markets advisor to ABIC. Kirkland & Ellis LLP is acting as legal counsel to ABIC.