Pivotal’s Merger With XL Fleet

Morrison & Foerster LLP advised Pivotal Investment Corporation II on the deal.

Pivotal Investment Corporation II (NYSE: PIC) (“Pivotal”), a publicly traded special purpose acquisition company, announced its merger with XL Fleet (“XL”), a leader in vehicle electrification solutions for commercial and municipal fleets.

Upon closing, the combined company will be named XL Fleet and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, “XL,” with an anticipated implied enterprise value of approximately $1 billion and no material debt expected to be outstanding.

XL has developed a flexible proprietary electrification powertrain platform that transforms traditional fossil fuel-powered fleet vehicles into hybrid and plug-in hybrid electric vehicles as they are manufactured. XL’s plug-in hybrid electric drive system was named one of TIME magazine’s best inventions of 2019. In addition, XL provides real-time data monitoring and analytics, and will expand its “Electrification-as-a Service” solution, which includes power management, charging infrastructure, and onsite power and storage offerings. XL is also developing all electric offerings.

The MoFo deal team advising Pivotal in the transaction is led by New York corporate partner and co-chair of the firm’s Global Corporate Department Mitchell Presser (Picture), together with New York corporate partner Omar Pringle and associate Ryan Farha, Washington, D.C. partner Justin Salon, and New York associate Dylan Naughton (Corporate Finance/Securities).

Involved fees earner: Ryan Farha – Morrison Foerster; Dylan Kelsey Naughton – Morrison Foerster; Mitchell Presser – Morrison Foerster; Omar Pringle – Morrison Foerster; Justin Salon – Morrison Foerster;

Law Firms: Morrison Foerster;

Clients: Pivotal Investment Corp II;

Author: Ambrogio Visconti