Electric vehicle maker Lucid Motors Inc. is in talks to go public through a merger with one of Michael Klein’s special purpose acquisition companies, according to people familiar with the matter.
A transaction could be valued at up to $15 billion, the people said, asking not to be identified because the matter is private. Lucid, which is backed by Saudi Arabia’s sovereign wealth fund, is working with financial advisers, the people added. The talks are ongoing but could still fall apart.
Representatives for Lucid Motors and Klein declined to comment.
A former Citigroup Inc. rainmaker, Klein has two SPACs that are on the hunt for deals. Churchill Capital Corp IV — the largest one, having raised more than $2 billion last year — is the vehicle considering a deal with Lucid, some of the people said.
Klein has played a prominent role in guiding the kingdom’s investments, serving as an adviser to its Public Investment Fund. Among other deals, he advised on the Saudi Aramco initial public offering.
Churchill Capital Corp IV jumped as much as 40% in New York trading Monday. The shares closed up 32% to $13.20.
That SPAC expressed interest in buying a stake in AT&T Inc.’s DirecTV satellite-television business, Bloomberg News previously reported. The blank-check company’s talks with DirecTV have since stalled, people familiar with the matter said. A representative for AT&T declined to comment.