Lotus Technology, the car manufacturer owned by the Chinese group Geely, is going to enter the stock market across the Atlantic. To this end, a merger has been completed between Lotus Technology and a SPAC founded by the L Catterton fund, owned by Lvmh, Groupe Arnault, and Catterton.
The French company Lvmh will help Lotus Technology, the Chinese group Geely’s car brand, enter the American stock market.
On the surface, this is a simple illustration of globalization, but the details are a little more complex.
In order to introduce part of its Lotus sports car brand on the American Nasdaq, the Chinese group Geely will merge with a shell company founded by L Catterton. This private equity fund is owned by Lvmh, Groupe Arnault, the family holding of Bernard Arnault, its CEO, and Catterton.
Merger finalized in the second half of the year
The merger, which will give Geely, the current owner of Lotus Technology, control of 89.7% of the resulting company, is expected to be finalized in the second half of 2023. Lotus will be valued at $5.4 billion.
Featured photo : © Lotus