Clifford Chance advises on Australia’s first SPAC merger deal

Clifford Chance advises on Australia’s first SPAC merger deal

07 June 2021 By Jerome Doraisamy

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)).

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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.

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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.”

Clifford Chance advises on Australia’s first SPAC merger deal
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