Photo credit: Arrival

Arrival, a British electric carmaker that’s just fresh off a $118 million investment from asset manager BlackRock, is now in talks to go public by merging with a blank-check firm named CIIG Merger Corp, according to a report [paywalled] from Bloomberg that cites “people with knowledge of the matter”. According to Bloomberg, CIIG is in talks to raise between $400 million and $500 million in equity in addition to the $259 million that it raised in its public debut last year to fund a merger with Arrival.

Arrival is a London-based startup that was founded just five years ago. The company makes electric vans and buses and just recently raised $118 million in fresh funding from the American asset management firm BlackRock to fund its operations. Altogether, Arrival has raised over $230 million in outside funding since its founding in 2015. 

Apart from BlackRock, other notable investors in Arrival include Korean automaker Hyundai and the American parcel delivery giant UPS. 

Arrival is said to be targeting an enterprise value of between $5 billion and $6 billion from its planned reverse merger. The company is still in its growth stage and hasn’t actually begun delivering vehicles to customers. Already, it’s secured an order for 10,000 electric vans from UPS and with the option to buy an additional 10,000 at request.

Arrival plans to set up a manufacturing facility in the US state of South Carolina that’ll cater to the American market.

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