Harley-Davidson spun off Livewire as it’s own company, so it can act as a startup, yet have access to all the engineers and assets at H-D. It seems to be a smart idea, and it’s allowed them to drop their first model, now called the LiveWire One, in price from $30,000 to nearly $20,000. Livewire is also partnered with KYMCO, a global powersport marketing group with a presence in over 100 countries. KYMCO will help by leverage their engineering expertise, manufacturing footprint, distribution, supply chain infrastructure and global logistics capabilities.
Livewire is now going through a merger with AEA-Bridges Impact Corp. (“ABIC”) (NYSE: IMPX), a special purpose acquisition company with a dedicated sustainability focus, sponsored by executives of AEA Investors and Bridges Fund Management, today announced that they have entered into a definitive business combination agreement under which ABIC will combine with LiveWire (the “Company”), Harley-Davidson’s electric motorcycle division, to create a new publicly traded company. Its common stock is expected to be listed on the New York Stock Exchange under the symbol “LVW”.
LiveWire hopes to, as they say, “redefine motorcycling as the industry-leading, all electric motorcycle company, with a focus on the urban market and beyond.”
They expect to raise net proceeds of $545 million to fund LiveWire’s strategic plan to accelerate its go-to-market model, invest in new product development, and enhance their global manufacturing and distribution capabilities.
Jochen Zeitz, Chairman, President and CEO of Harley-Davidson:
“Today’s announcement is a historic milestone with LiveWire set to become the first publicly traded EV motorcycle company in the U.S. By building on Harley-Davidson’s 118-year lineage, LiveWire’s mission is to be the most desirable electric motorcycle brand in the world, leading the electrification of the sport. This transaction will give LiveWire the freedom to fund new product development and accelerate its go-to-market model. LiveWire will be able to operate as an agile and innovative public company while benefitting from the at-scale manufacturing and distribution capabilities of its strategic partners, Harley-Davidson and KYMCO.”
John Garcia, Chairman and Co-CEO of AEA-Bridges Impact Corp:
“We are at the confluence of two seminal shifts impacting the industry – vehicle electrification and sustainability. LiveWire is well-positioned to become the premier sustainable electric motorcycle brand and redefine the industry by leveraging the manufacturing and distribution expertise of Harley-Davidson and KYMCO. We’re excited to partner with Harley-Davidson and the LiveWire team to help define the future of electric motorcycles as the industry continues its rapid transformation.”
Additional information about the proposed transaction, including a copy of the Business Combination Agreement and the investor presentation, will be provided in a Current Report on Form 8-K to be filed by AEA-Bridges Impact Corp. with the SEC and available at www.sec.gov.