DCRN has been advised on its merger with Tritium Holdings, becoming the first Australian company to reach a deal with a SPAC.
Firm: Clifford Chance (Decarbonisation Plus Acquisition Corporation II (DCRN)).
Deal: DCRN has merged with fast chargers for electric vehicles maker Tritium Holdings Pty Ltd (valued at US$1.2 billion in connection with the transaction), making it the first Australian company to reach a deal with a special purpose acquisition company.
The combined company will be listed on NASDAQ and the transaction will provide gross proceeds of up to approximately US$403 million, the firm said in a statement.
Value: US$1.2 billion.
Area: Capital markets.
Key players: The Clifford Chance team was led by corporate partner Andrew Crook and counsel Tennie Tam, who were assisted by associates Isabelle Cameron, Christine Wang, Anne-Marie Jones and Melanie Ray.
Deal significance: Speaking about the listing, Mr Crook said: “We are very happy to be involved in this landmark SPAC project in Australia, which represents a pathway that is increasingly sought after by investors and companies to access the global public markets.”
Ms Tam added: “We expect this will lead to more of such transactions in Australia with exciting clients in varied sectors and we look forward to welcoming such opportunities.”