White & Case Advises REE Automotive on Its Merger with 10X Capital Venture Acquisition Corp.
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Global law firm White & Case LLP has advised REE Automotive, an Israel-based electric-vehicle technology start-up, on its merger with 10X Capital Venture Acquisition Corp, a blank-check company.
The transaction includes a US$300 million private investment in public equity, or PIPE, and gives the combined entity an enterprise value of about US$3.1 billion. REE's existing investors will own more than 80% of the combined company.
REE, a Tel Aviv-based company led by co-founder Daniel Barel, offers technology that integrates all drive components into the arch of the wheel and flat, modular chassis for autonomous delivery trucks, shuttles and robotaxis.
"This deal, following so closely on the heels of our ION/Taboola transaction, clearly demonstrates the appetite of Israeli companies to access the US market via SPAC transactions," said Colin Diamond who leads the Firm's Israel practice. "The combination of our globally renowned US SPAC team and our knowledge of the Israel market means we are ideally placed to help companies with their strategic ambitions in this area."
The White & Case team was led by partners Colin Diamond in New York and Tali Sealman, in Silicon Valley. The team also included partners Joel Rubinstein and Maia Gez, associates Steven Glendon, (Capital Markets), Gabrielle Hodgson, Aaron Raffel and Robert Song (M&A), partner Sang Ji and associate Mitchell Li (Tax), partner Henrik Patel and associate Robin Heszkel (Executive Compensation & Benefits).
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