Polestar, an EV developer, is expected to go public via SPAC with a valuation of $20 billion, according to sources.

According to persons familiar with the situation, Polestar, the electric carmaker controlled by Volvo Car AB and its owner Zhejiang Geely Holding Group Co., has agreed to go public through a merger with blank-check provider Gores Guggenheim Inc.

The transaction might be revealed as soon as Monday, according to the sources, who requested anonymity since the information was confidential. According to one of the insiders, the combined business would be worth around $20 billion, including debt.

According to the persons, the terms or timing of a final agreement could still alter. Gores Guggenheim’s representatives declined to comment. Polestar’s representative did not respond to a request for comment right away.


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