After launching several special purpose acquisition companies (SPACs), Arendt, a leading independent business law firm in Luxembourg, has now assisted on one of the first de-SPAC transactions involving the Grand Duchy: FREYR has successfully closed its business combination with Alussa Energy Acquisition Corp.
The business combination, referred to as a process of “de-SPACing”, is the second transaction of its type in Luxembourg. It reflects the growing popularity of the SPAC phenomenon and Luxembourg’s positioning as one of the main European de-SPAC hubs for publicly traded holding companies.
Arendt acted as legal advisor to FREYR, the Norway-based developer of clean, next-generation battery cell production capacity, in the context of its business combination with Alussa Energy Acquisition Corp., a Cayman Islands exempted, publicly listed special purpose acquisition company, resulting in a Luxembourg-based company listed on the New York Stock Exchange (NYSE).
The business combination represents an implied pro forma equity value of $1.4 billion for the combined company FREYR Battery.
The business combination aims to position FREYR as a leader in the rapidly growing market for the electrification of global transportation and energy systems in Europe, with a further view to expanding its business towards additional markets in the marine, stationary storage, short-haul aviation and offshore segments.
