Harley's electric motorcycle division to go public via $1.7 billion SPAC deal

FILE PHOTO: The Harley Davidson LiveWire electric motorcycle, developed in collaboration with Panasonic Automotive, is displayed during a Panasonic news conference at the 2019 Consumer Electronics Show (CES) in Las Vegas, Nevada, U.S. January 7, 2019. REUTERS/Steve Marcus

(Reuters) -Harley-Davidson Inc’s electric-motorcycle division LiveWire will go public through a merger with a blank-check firm in a deal valuing it at $1.77 billion including debt, the company said on Monday.

The deal with AEA-Bridges Impact Corp will be funded by the blank-check company’s $400 million cash held in trust and another $100 million investment each from Harley and KYMCO.

Harley’s shares rose 11.3% in premarket trading, while those of AEA-Bridges were up 3.4%.

Jochen Zeitz, Harley’s current chief executive, will be the chairman of LiveWire for up to two years following the completion of the deal.

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