Milan – Livewire, Harley-Davidson’s electric motorcycle division, is preparing for its Wall Street debut. The company will go public through a merger with spac Aea-Bridges Impact Corp. The agreement, which is expected to close in the second half of 2022, is worth about $1.77 billion.
Under the deal, spac will buy LiveWire (which was part of Harley-Davidson for 10 years and became a separate unit in 2019) and make it the first publicly traded electric bike company in the United States next year. Harley-Davidson President and CEO Jochen Zeitz will keep his LiveWire service for up to two years after the deal closes.
Harley-Davidson shock: The electric future becomes LiveWire
by Antonio Vitell
LiveWire shares are expected to be listed on the New York Stock Exchange under the symbol “LVW”. Special Purpose Acquisition Companies, or SPACs, for short, are used to bypass the long and costly process of a traditional initial public offering. Spacs’ popularity exploded last year, peaking earlier this year when it raised an average of $6 billion each week. Once the deal closes, Harley-Davidson will retain an approximately 74% stake in LiveWire. Avic shareholders will own approximately 17% and the founders of Abic and Taiwanese motorsport company Kymco will own approximately 4% each.
The deal has been approved by the Harley-Davidson and Abic board of directors, and if approved by Abic shareholders, is expected to expire in the first half of next year. Shares of Harley-Davidson, Inc. are up. In early trade, it increased by $5.20 to $42.01 but is down more than 3% over the past year.
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