Harley-Davidson EV motorcycle brand to IPO via SPAC deal

Business news |
By Rich Pell

As a result, say the companies, LiveWire will become the first publicly traded EV motorcycle company in the United States. LiveWire plans to redefine motorcycling as the industry-leading, all-electric motorcycle company, with a focus on the urban market and beyond.

“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,” says Jochen Zeitz, Chairman, President and CEO of Harley-Davidson. “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.”

ABIC is a special purpose acquisition company with a dedicated sustainability focus, sponsored by executives of AEA Investors and Bridges Fund Management.

John Garcia, Chairman and Co-CEO of AEA-Bridges Impact Corp says, “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.”

Together, Harley-Davidson, ABIC and KYMCO, say they believe in the future of LiveWire as a dedicated electric brand with the ability to lead, grow and revolutionize the electric motorcycle industry and beyond:

  • Building on a 10-year journey within Harley-Davidson and established as a separate division in 2019, LiveWire is an industry leading, all-electric motorcycle brand with a focus on the urban market, and a mission to pioneer the electric motorcycle space and beyond.
  • LiveWire will develop the technology of the future and will invest in the capabilities needed to lead the transformation of motorcycling.
  • As a pure-play EV brand with first-mover advantage, LiveWire has brand presence in North America and Europe, with planned expansion into additional markets including Asia.
  • LiveWire has a deep track record of R&D investments and a clearly defined strategy to capture increasing market share and consumer adoption in the growing two-wheel EV transition, following significant investment to date.
  • LiveWire has a compelling financial profile with a robust new product pipeline with breakthrough technology and features, and a clear path to attractive long-term profitability.
  • LiveWire will also include STACYC, the all-electric balance bikes for kids.

The transaction will be financed by ABIC’s $400 million cash held in trust, a $100 million investment from Harley-Davidson, and a $100 million investment from KYMCO, through a private investment in public equity (PIPE). The combined company is expected to have an enterprise value of approximately $1.77 billion and post-money equity value of approximately $2.31 billion at closing.

The transaction is expected to close in the first half of 2022. At that time, the new company’s common stock is expected to be listed on the New York Stock Exchange under the symbol “LVW.”


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