Kodiak Robotics, a developer of autonomous vehicle technology, has signed a definitive business combination agreement with Ares Acquisition Corporation II (AACT), a special acquisition company that is affiliated with Ares Management Corporation.
After completion of the transaction, Kodiak becomes a listed company in the US under the name Kodiak AI.
Kodiak was founded in 2018 and focuses on AI-driven autonomous rice systems for the commercial truck industry.
The core product, the Kodiak driver, is a solution with one platform that combines AI software and modular hardware that is designed to integrate with the existing logistics activities of customers.
The Kodiak and Aact boards have unanimously approved the proposed merger.
The business combination appreciates Kodiak on a pre-money value of $ 2.5 billion.
The transaction is expected to provide the combined company of approximately $ 551 million in cash of the AACT trust account, based on no repayments.
Institutional investors, including affiliated companies of Soros Fund Management, Ark Investments and Ares, have committed more than $ 110 million to support the transaction. Existing investor Ark Investments has re -confirmed his support for Kodiak.
The founder of Kodiak and CEO Burnette said: “We believe that entering the public markets will speed up our strategy to expand our existing partner relationships, to offer our technology to a broader customer base and to provide improved solutions in the commercial transport and public sector industries.”
Subject to approval of the shareholders and other usual closing conditions, the transaction is expected to close in the second half of 2025.
AACT CEO and co-chairman of the Board of Directors and co-founder of Ares David Kaplan said: “If an early mover in autonomous trucks and first delivers a product without a commercial director to a customer, Kodiak has quickly shut himself apart as a leader in the industry in a significant addressable market.”
“Kodiak Robotics to become public by merger with Aact” was originally made and published by Simply automaticallyA brand of global data.
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