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Gogoro takes SPAC route to Nasdaq listing in deal valuing Taiwanese smart scooter maker at US$2.35 billion
- Taiwanese smart scooter maker will list on Nasdaq following a merger with US blank-cheque company Poema Global
- Deal is expected to add US$550 million to its balance sheet to help fund Gogoro’s expansion in China, India markets
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A special purpose acquisition company (SPAC) backed by a group of former Deutsche Bank and Morgan Stanley executives has agreed to buy Taiwanese smart scooter and electric battery maker Gogoro in a deal that values it at US$2.35 billion.
Poema Global Holdings Corp, a US-listed blank-cheque company, will absorb Gogoro in a merger, allowing the Taipei-based firm to list on Nasdaq under the symbol “GGR” through the transaction, according to a statement.
Taipei-based Gogoro was founded in 2011, and its early investors include Singapore’s Temasek Holdings, former US Vice-President Al Gore’s Generation Investment Management and Sumitomo Corp of Japan. It operates a network of 2,175 battery swapping stations, manages more than 270,000 daily battery swaps and has chalked up 200 million cumulative swaps as of August.
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Gogoro’s current management, including its founder and chief executive Horace Luke, will continue to lead the company after the listing.
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“Gogoro is transforming urban mobility in the world’s most densely populated cities by changing how people use and share portable energy,” Luke said. “Much of today’s world commutes on two wheels and cities are embracing sustainable energy and smart city technologies in unprecedented ways.”
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