Taiwan’s KYMCO Moves into Agreement with Harley-Davidson’s LiveWire | Taiwan News
TAIPEI (Taiwan News) – Taiwanese motorcycle maker KYMCO made waves this week after announcing a deal with LiveWire, the electric motorcycle arm of Harley-Davidson.
Harley davidson announcement On December 13, he plans to list LiveWire on the New York Stock Exchange through an agreement with special purpose acquisition company (SPAC) AEA-Bridges Impact Corp (ABIC) and KYMCO.
The transaction will be funded by ABIC’s US $ 400 million (NT $ 11.14 billion) held in trust, a US $ 100 million investment from KYMCO and a US $ 100 million investment from Harley- Davidson, through a private investment in public capital (PIPE).
The combined company is expected to have an enterprise value of approximately US $ 1.77 billion and post-money equity value of approximately US $ 2.31 billion at closing. Agreement will make LiveWire the first publicly traded electric motorcycle company in the United States
“LiveWire’s mission is to be the world’s most desirable electric motorcycle brand,” said Jochen Zeitz, president, CEO and chairman of Harley-Davidson, in a pre-recorded video at a press conference in Taipei on Thursday. (December 16.). LiveWire will be able to operate independently while benefiting from the large-scale manufacturing and distribution capabilities of its strategic partners KYMCO and Harley-Davidson, added Zeitz.
KYMCO President Allen Ko speaking at the December 16 press conference. (Photo by Taiwan News)
“In KYMCO we have found an excellent leading partner with substantial experience and great electrical ambitions. We are delighted that this partnership provides LiveWire with access to KYMCO’s digital and technological capabilities, powertrain and vehicle manufacturing, global supply chain, in addition to its existing strong presence in key Asian markets ” , Zeitz said.
“It is important to note that KYMCO brings specific expertise in scooters, light motorcycles and side-by-side vehicles, in addition to a supply chain and advanced manufacturing capabilities. We are confident that KYMCO offers many opportunities for future growth for LiveWire, and we are delighted to begin this journey together, ”said the CEO of Harley.
KYMCO Chairman Allen Ko (柯勝峯) described the deal as a mutually beneficial partnership during the press conference. He said KYMCO was first approached by Harley-Davidson about the deal and it took about eight months to work out the details.
Ko said the partnership will improve KYMCO’s image and increase its exposure. Once the deal is finalized, Harley-Davidson will retain a 74% stake in LiveWire, while ABIC shareholders will own approximately 17%, and the founders of ABIC and KYMCO will own approximately 4% each.
KYMCO heavy electric motorcycle. (Photo by Taiwan News)