Mitsui, Edison Energy, BMW, Daimler, General Motors and Exelon-backed electric bus manufacturer Proterra achieved a $1.6bn enterprise value in the deal as special purpose acquisition companies take off in the sector.
The US-based bus company agreed a reverse merger with special purpose acquisition company ArcLight Clean Transition. The transaction gives Proterra a $1.6bn enterprise valuation and will be boosted by $415m in private investment in public equity (PIPE) financing anchored by Daimler Trucks, a subsidiary of automotive manufacturer Daimler. Investment and financial services group Fidelity also…
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