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Clifford Chance advises on Australia’s first SPAC merger deal of US$1.2 billion involving EV fast charger developer Tritium going public on NASDAQ

1 June 2021

Clifford Chance advises on Australia’s first SPAC merger deal of US$1.2 billion involving EV fast charger developer Tritium going public on NASDAQ

Clifford Chance advises on Australia’s first SPAC merger deal of US$1.2 billion involving EV fast charger developer Tritium going public on NASDAQ

Leading international law firm Clifford Chance has advised Decarbonization Plus Acquisition Corporation II (DCRN), a special purpose acquisition company (SPAC), to merge with the maker of fast chargers for electric vehicles Tritium Holdings Pty Ltd, becoming the first Australian company to reach a deal with a SPAC. Tritium is valued at US$1.2 billion in connection with the transaction. The combined company will be listed on NASDAQ and the transaction will provide gross proceeds of up to approximately US$403 million.

Sponsors for DCRN included an affiliate of US low-carbon and renewables focused investor Riverstone Holdings. The transaction is expected to provide capital to grow Tritium’s operations to three global manufacturing facilities with investment in a new production facility in Europe, expansion of its Los Angeles site, and further development of the Brisbane facilities.

The Clifford Chance team was led by Corporate partner Andrew Crook and counsel Tennie Tam. They were supported by associates Isabelle Cameron, Christine Wang, Anne-Marie Jones and Melanie Ray.

Speaking on the transaction, Andrew, said, “We are very happy to be involved in this landmark SPAC project in Australia, which represents a pathway that is increasingly sought after by investors and companies to access the global public markets."

Tennie adds, "We expect this will lead to more of such transactions in Australia with exciting clients in varied sectors and we look forward to welcoming such opportunities.”