Hennessy Capital’s US$3.3 Billion SPAC Merger with Plus

Sidley Austin LLP advised Hennessy Capital Investment Corp. V on the deal. Linklaters and Kirkland & Ellis advised Plus. Shearman & Sterling represented the joint placements agents.

Hennessy Capital Investment Corp. V, a publicly traded special purpose acquisition company, announced its pending business combination with Plus (formerly Plus.ai), a global provider of self-driving truck technology. The transaction has an implied pro forma equity value of US$3.3 billion. Upon closing, Plus will be a publicly traded company and its common stock is expected to trade on the NYSE under the ticker symbol “PLAV.”

The Sidley team was led by Jeffrey Smith (Picture), Mike Heinz, and Dirk Andringa, and included Jeff Wysong, Rebecka Manis, Amanda Patterson, Evan Saunders, Christian Brause, Remi Gagnon, Raymond Oh, Ruchun Ji, Ling Chen, Lauren Gallagher, P.C Wang, Samuel Tiu, Anne Sutton, and Elliott Blufer.

The Linklaters team was led by partners Xiaoxi Lin based in the firm’s Hong Kong SAR office, Jeffrey Cohen and Peter Cohen-Millstein based in New York.

The Kirkland team was led by transactional partner David Zhang and capital markets partner Ben James.

Shearman & Sterling represented the banks including Goldman Sachs, acting as joint placements agents, with Kyungwon (Won) Lee, Terrence O’Donnell, and Valerie Ching.

Involved fees earner: Ben James – Kirkland & Ellis; David Zhang – Kirkland & Ellis; Jeffrey Cohen – Linklaters; Peter Cohen-Millstein – Linklaters; Xiaoxi Lin – Linklaters; Kyungwon Lee – Shearman & Sterling; Terrence O’Donnell – Shearman & Sterling; Dirk Andringa – Sidley Austin LLP; Elliott Blufer – Sidley Austin LLP; Christian Brause – Sidley Austin LLP; Ling Chen – Sidley Austin LLP; Rémi Gagnon – Sidley Austin LLP; Lauren Gallagher – Sidley Austin LLP; Michael Heinz – Sidley Austin LLP; Raymond Oh – Sidley Austin LLP; Amanda Patterson – Sidley Austin LLP; Evan Saunders – Sidley Austin LLP; Jeffrey Smith – Sidley Austin LLP; Anne Sutton – Sidley Austin LLP; Samuel Tiu – Sidley Austin LLP; P.C. Wang – Sidley Austin LLP; Jeff Wysong – Sidley Austin LLP;

Law Firms: Kirkland & Ellis; Linklaters; Shearman & Sterling; Sidley Austin LLP;

Clients: Goldman Sachs & Co.; Hennessy Capital Acquisition Corp. V; Plus;

Author: Martina Bellini