Hannes Snellman Counsel to Gores Guggenheim, Inc. in its Proposed Business Combination with Polestar
27 September 2021
Hannes Snellman acted as counsel to Gores Guggenheim, Inc., a special purpose acquisition company (SPAC) formed by the affiliates of The Gores Group and Guggenheim Capital, LLC, in its proposed business combination with the global electric performance car company Polestar. The transaction implies an equity value of approximately USD 20 billion for Polestar. Upon closing, which is expected to take place in the first half of 2022, the combined company will be held by a new public company which is expected to be listed on the Nasdaq under the ticker symbol “PSNY”.
Polestar is a Swedish premium electric performance car brand, headquartered in Gothenburg and founded by Volvo Cars and Geely Holding. Polestar’s vehicles are available and on the road in fourteen active global markets across Europe, North America, and China.
Gores Guggenheim, Inc. completed its initial public offering in April 2021, raising approximately USD 800 million in cash proceeds. Gores Guggenheim’s strategy is to identify and complete business combinations with market leading companies with strong equity stories that will benefit from the growth capital of the public equity markets and be enhanced by the experience and expertise of Gores’ and Guggenheim’s long history and track record of investing in and operating businesses.
Hannes Snellman acted as a legal advisor to Gores Guggenheim, Inc. together with Weil, Gotshal & Manges LLP.
Hannes Snellman’s advisory team included Richard Åkerman, Douglas Essehorn, Iiris Ikkelä, and Alexander Lindqvist (M&A), Elisabeth Vestin and Anna Ribenfors (IP & Tech), Josephine Lindgren and Lisa Pålsson (Employment), Fredrik Olsson and Sofia Bengtsson (Finance), and Andreas Wingren (Real Estate).