The two companies announced the $2.9 billion deal Monday, which is expected to close in the fourth quarter of this year. In the agreement, Fisker will merger with Spartan Energy Acquisition, an affiliate of Apollo.
The deal will help Fisker bring to market its Ocean SUV, which was unveiled at the Consumer Electronics Show earlier this year.
The new vehicle is “designed for optimal space and usability,” according to Fisker. It includes features like a a “California Mode” button, which opens all the windows at one touch and a rear hatch window that can roll down to allow long items — such as surfboards — to hang out the back. The Fisker Ocean will be available in late 2022 and cost about $40,000.
Henrik Fisker said in a release Monday that the deal is a “vote of confidence from investors.”
“Today, the realization of the world’s first digital car company took another major step forward, advancing our mission to commercialize the world’s most emotional and sustainable vehicles, while upholding our vision of a clean future for all,” he said.