Wilson Sonsini Goodrich & Rosati advised QuantumScape Corporation on the deal.
On September 3, 2020, QuantumScape Corporation, a developer of next generation solid-state lithium-metal batteries for use in electric vehicles, and Kensington Acquisition Corp., a special purpose acquisition company, announced a definitive agreement for a business combination that would result in QuantumScape becoming a publicly listed company. The combined company will be named QuantumScape and is expected to remain listed on the NYSE. Wilson Sonsini Goodrich & Rosati is advising QuantumScape in the transaction.
QuantumScape is focused on developing solid-state batteries and developing a scalable manufacturing process to commercialize its battery technology for the automotive industry. The company believes the proceeds from its transaction with Kensington Capital Acquisition Corp. will fully fund the company through the start of production via its previously announced manufacturing joint venture with the Volkswagen Group to prepare for the mass production of solid-state batteries for Volkswagen.
The business combination values QuantumScape at an implied $3.3 billion pro forma enterprise value. The boards of directors of both Kensington and QuantumScape have approved the proposed transaction, which is expected to be completed in the fourth quarter of 2020. Through the business combination, QuantumScape raises more than $700 million in proceeds, which includes a $500 million fully committed PIPE anchored by institutional investors including Fidelity Management & Research Company LLC and Janus Henderson Investors. The transaction results in more than $1 billion in cash and funding commitments, including QuantumScape’s Series F financing led by Volkswagen Group and Qatar Investment Authority.
The Wilson Sonsini team advising QuantumScape includes the following attorneys: Michael Danaher (Picture), Mark Baudler, Richard Blake, Erika Muhl, Angela Chen, Julian Wong, Alex Kwok, Alice Pang, Annie Giomi, Mary O’Brien, Ethan Lutske, Brendan Mahan, Brian Chan, Elia Perez Villamarin, Scott McCall, Sriram Krishnamurthy, Matthew Norgard, Myra Sutanto Shen, Derek Wallace, Adam Shevell and Nora Shafie.
Involved fees earner: Mark Baudler – Wilson Sonsini Goodrich & Rosati; Richard Blake – Wilson Sonsini Goodrich & Rosati; Brian Chan – Wilson Sonsini Goodrich & Rosati; Angela Chen – Wilson Sonsini Goodrich & Rosati; Michael Danaher – Wilson Sonsini Goodrich & Rosati; Annie Giomi – Wilson Sonsini Goodrich & Rosati; Sriram Krishnamurthy – Wilson Sonsini Goodrich & Rosati; Alex Kwok – Wilson Sonsini Goodrich & Rosati; Ethan Lutske – Wilson Sonsini Goodrich & Rosati; Brendan Mahan – Wilson Sonsini Goodrich & Rosati; Scott McCall – Wilson Sonsini Goodrich & Rosati; Erika Muhl – Wilson Sonsini Goodrich & Rosati; Matthew Norgard – Wilson Sonsini Goodrich & Rosati; Mary O’Brien – Wilson Sonsini Goodrich & Rosati; Alice Pang – Wilson Sonsini Goodrich & Rosati; Nora Shafie – Wilson Sonsini Goodrich & Rosati; Adam Shevell – Wilson Sonsini Goodrich & Rosati; Myra Sutanto Shen – Wilson Sonsini Goodrich & Rosati; Elia Villamarin – Wilson Sonsini Goodrich & Rosati; Derek Wallace – Wilson Sonsini Goodrich & Rosati; Julian Wong – Wilson Sonsini Goodrich & Rosati;
Law Firms: Wilson Sonsini Goodrich & Rosati;
Clients: QuantumScape Corporation;
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September 07, 2020 at 07:00AM
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QuantumScape's Merger With Kensington Capital Acquisition Corp - Global Legal Chronicle
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