(Bloomberg) -- Carbon Revolution Ltd., an Australian manufacturer of carbon fiber wheels, is going public in the US by merging with a blank-check company.
Most Read from Bloomberg
Scientists Revive 48,500-Year-Old 'Zombie Virus' Buried in Ice
Banks Stuck With $42 Billion Debt Seize Chance to Offload It
These Are the Best and Worst Cities for Expats to Live and Work In
This Is Where Luxury Property Prices May Rise and Fall the Most in 2023
Apple to Lose 6 Million iPhone Pros From Tumult at China Plant
The company, based in Geelong near Melbourne, will combine with Twin Ridge Capital Acquisition Corp. in a deal that values the business on a pro forma basis at about $270 million including debt, according to a statement confirming an earlier Bloomberg News report.
Carbon Revolution's shares will be delisted from the Australia Stock Exchange after the closing of the transaction, which is expected in the first half of 2023, according to the statement.
Carbon Revolution went public in Australia in 2019, raising A$90 million ($62 million). It was most recent value including debt was about $55 million, according to data compiled by Bloomberg. Its clients include Ford Motor Co., Ferrari, General Motors Co. and Renault.
Twin Ridge raised $213 million in an initial public offering last year, intending to focus on consumer and distribution related industries, according to its filings with the US Securities and Exchange Commission. The SPAC is backed by Twin Ridge Capital Management, which focuses on food and food-related companies.
(Updates with statement in second paragraph)
Most Read from Bloomberg Businessweek
Car Price Divergence Hints at More Painful Inflation Ahead
Tesla's Lithium Lead at Risk as Rivals Make Supply Deals
How to Keep Your Investments Halal
More Men Are Staying Out of the Workforce to Care for Kids
Putting Chips in Hoodies and Clogs to Unlock Value for Buyers and Sellers
©2022 Bloomberg L.P.