Mitsui, Edison Energy, BMW, Daimler, General Motors and Exelon-backed electric bus manufacturer Proterra achieved a $1.6bn enterprise value in the deal.
Proterra, the US-based electric bus producer backed by corporates BMW, Daimler, General Motors, Mitsui, Edison Energy and Exelon, agreed a reverse merger with special purpose acquisition company ArcLight Clean Transition Corp yesterday.
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 participated in the PIPE, along with Franklin Templeton, private…
