EV maker Fisker to go public by merging with blank check firm at $2.9 billion valuation

(Reuters) – Electric-car maker Fisker will go public through a merger with a blank check company backed by private equity firm Apollo Global Management Inc at a $2.9 billion valuation, the companies said on Monday.

Reuters reported last week that the special purpose acquisition company, Spartan Energy Acquisition Corp , was leading a bidding war among blank-check companies for Fisker.

The proceeds are expected to be used to bring the company’s first product, the Fisker Ocean, to production in late-2022.

The deal mirrors that of peer Nikola Corp , which went public last month, as investors place bets on which startup will be the next Tesla Inc .

(Reporting by C Nivedita; Editing by Sriraj Kalluvila)