Hughes Hubbard & Reed represented Kensington Capital Acquisition Corp. IV in the transaction.
Kensington Capital Acquisition Corp. IV executed its business combination with Amprius Technologies, Inc., a leader in lithium-ion batteries. Upon closing of the transaction, announced today, Amprius will become a publicly-listed company.
Amprius currently provides its batteries to the aviation and defense industries and counts among its customers Airbus and the U.S. Army, with plans to deliver to additional markets, including the automotive industry.
The business combination values Amprius at an implied pro forma enterprise value of $939 million. The boards of directors of both Kensington and Amprius have approved the proposed transaction, which is expected to be completed in the second half of this year. The transaction assumes approximately $430 million in gross proceeds to Amprius, comprised of $230 million of cash held in Kensington’s trust before redemptions, and up to $200 million in additional equity financing.
Chuck Samuelson (Picture) led the HHR team with key support from counsel Alexander Rahn and Jenny Graham. The team also included partners Andy Braiterman and Charles Wachsstock; counsel Tyler Grove, James Klaiber, Richard Koehl and Carol Remy; associates Justin Cohen, Mark Schuber, Mariana Veiga and Jonathan Zygielbaum; and law clerks Drew Bader and Andrea Castro-Mendivil.
Involved fees earner: Andy Braiterman – Hughes Hubbard & Reed; Justin Cohen – Hughes Hubbard & Reed; Jennifer Graham – Hughes Hubbard & Reed; Tyler Grove – Hughes Hubbard & Reed; James Klaiber – Hughes Hubbard & Reed; Alexander Rahn – Hughes Hubbard & Reed; Carol Remy – Hughes Hubbard & Reed; Charles Samuelson – Hughes Hubbard & Reed; Mark Schuber – Hughes Hubbard & Reed; Mariana Veiga – Hughes Hubbard & Reed; Charles Wachsstock – Hughes Hubbard & Reed; Jonathan Zygielbaum – Hughes Hubbard & Reed;
Law Firms: Hughes Hubbard & Reed;
Clients: Kensington Capital Acquisition Corp. IV;