Maples Advises on Lotus Technology de-SPAC Transaction

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Maples and Calder, the Maples Group's law firm, is pleased to have advised Lotus Technology Inc. ("Lotus Technology"), on its business combination with L Catterton Asia Acquisition Corp ("LCAA"), a Cayman Islands special purpose acquisition company listed on NASDAQ, that is affiliated with L Catterton, a leading global consumer-focused investment firm. 

The transaction, which completed on 22 February 2024, valued the combined entity at a pro forma enterprise value of approximately US$5.4 billion. Lotus Technology commenced trading on NASDAQ on 23 February 2024. Proceeds from the business combination are expected to be used for further product innovation, next-generation automobility technology development, global distribution network expansion and general corporate purposes.

Lotus Technology is a leading global luxury electric vehicle maker which has operations across China, the UK, and the EU. It is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. 

A team of lawyers based in the firm's Hong Kong office, led by Corporate Partner, Karen Zhang Pallaras and assisted by Corporate Legal Manager, Charmaine Chow acted as Cayman Islands counsel to Lotus technology. The Group's Fund Services business acted as the Cayman Islands Share Registrar with the team comprising Eastern Fong, Regional Head of Fund Services – Asia and Senior Vice President, Christy Poon.  

Skadden, Arps, Slate, Meagher & Flom acted as US legal advisor to Lotus Technology. Kirkland & Ellis acted as US legal advisor to LCAA.