LiveWire to become first publicly-listed electric motorcycle company in the US
The Harley-Davidson spinoff has merged with a special purpose acquisitions company and Taiwan scooter giant KymcoHarley-Davidson has announced that its LiveWire spin-off will become the first publicly-listed electric motorcycle company in the United States.
The move has been made possible by a merger with special acquisitions company, AEA-Bridges Impact Corp. In addition, LiveWire will form a strategic partnership with leading Taiwanese scooter company, Kymco.
Related Reading:
Harley-Davidson LiveWire: bikesales Bike of the Year 2021 finalist
Harley-Davidson spin-off reveals new 2022 LiveWire One electric motorcycle
Scottish cops choose Harley-Davidson LiveWire for 2021 climate change summit
According to a press release, the transaction will comprise of US$400 million cash held in trust from AEA-Bridges, US$100million from Harley-Davidson, and US$100 million from Kymco. The combined company is expected to have an enterprise value of approximately US$1.77 billion and post-money equity value of approximately US$2.31 billion at closing.
Upon completion of the transaction, Harley-Davidson will retain an equity interest of approximately 74%, while AEA-Bridges’ shareholders will own 17%, and AEA-Bridges founders and Kymco will own approximately 4% each.
LiveWire is expected to be listed on the New York Stock Exchange under the symbol “LVW”. The significant decision will fund LiveWire’s strategic plan to accelerate its go-to-market model, invest in new product development, and enhanced global manufacturing and distribution.
The partnership with Kymco, as well as its existing partnership with parent H-D, will leverage engineering expertise, manufacturing footprint, distribution, supply chain infrastructure and global logistics capabilities.
The LiveWire brand was born after Harley-Davidson decided to separate its first electric motorcycle (also called LiveWire) from its traditional combustion-engine operations. The new all-electric company plans to ‘redefine motorcycling’ while maintaining a close connection to its H-D lineage.
While the original Harley-Davidson LiveWire arrived in Australia with mixed results, the new LiveWire brand is yet to make its way Down Under. However, given the company's rapidly growing presence, it is only a matter of time before the brand is picked up in Oz.
“Today’s announcement is a historic milestone with LiveWire set to become the first publicly traded EV motorcycle company in the U.S.,” said H-D CEO, Jochen Zeitz. “By building on Harley-Davidson’s 118-year linage, LiveWire’s mission is to be the most desirable electric motorcycle brand in the world, leading the electrification of the sport.”
Zeitz will be chairman of the new company and act as CEO for up to two years following the completion of the transaction. Ryan Morrissey, the Chief Electric Vehicle Officer for Harley-Davidson, will serve as President of LiveWire.
The transaction has been approved by the boards of directors of both H-D and AEA-Bridges and is expected to be closed in the first half of 2022.
Please see our Editorial Guidelines & Code of Ethics (including for more information about sponsored content and paid events). The information published on this website is of a general nature only and doesn’t consider your particular circumstances or needs.
