Hyundai, Kia and UPS will retain stakes in the electric vehicle developer, which is merging with publicly-listed CIIG Merger Corp at a $5.4bn combined valuation.

Arrival, a UK-headquartered electric van and bus developer backed by corporate investors Hyundai, Kia and UPS, agreed a reverse merger with special purpose acquisition company CIIG Merger Corp yesterday. The merged entity will be valued at $5.4bn once the deal closes and it comes after CIIG, which is sponsored by funds and accounts managed by…

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