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Taiwan’s Gogoro to go public through over $2bn deal

Taiwan’s Gogoro to go public through over $2bn deal

Mubasher: Taipei-based electric scooter maker Gogoro plans to go public through a merger with a blank-check company in a deal of an enterprise value worth $2.35 billion, Reuters reported on Thursday.

Gogoro, partly backed by Singapore state investor Temasek, has been pushing to expand overseas. This will be carried out by merging with Poema Global Holdings Corp., a special purpose acquisition company (SPAC), and list on NASDAQ.

The transaction is scheduled to be completed in the first quarter (Q1) of 2022.

“The NASDAQ will validate further and give the publicity and stage that Gogoro needs in order to perform and also to be recognised as a global company with global resources,” Founder and CEO, Horace Luke, was quoted as saying.

Upon the SPAC deal, Gogoro’s shareholders, including Temasek and Japan’s Sumitomo, will convert all their holdings and own a majority of equity in the combined company, according to CFO, Bruce Aitken.

Gogoro launched scooter-sharing services in Europe and battery sharing infrastructure in Japan over the recent years.

The Taiwanese company aims to enter the Indian and Chinese markets this year through tie-ups with Hero MotoCorp, Dachangjiang Group, and Yadea Group Holdings.