Harley-Davidson to combine LiveWire EV unit with SPAC ABIC at ~$1.77B enterprise value

HARLEY-DAVIDSON, INC.

LiveWire becomes first publicly traded U.S. EV motorcycle company via merger with SPAC ABIC; pro forma enterprise value ~$1.77B.
Net proceeds of ~$545M from ABIC trust ($400M), H-D PIPE ($100M), and KYMCO PIPE ($100M); H-D also provides $100M backstop.
Harley-Davidson retains ~74% ownership; ABIC shareholders ~17%; KYMCO ~4%; Jochen Zeitz to be Chairman and Acting CEO of LiveWire.
Transaction expected to close in first half of 2022, subject to ABIC shareholder approval and customary conditions.
LiveWire will also include STACYC e-balance bikes and leverage H-D and KYMCO's manufacturing, distribution, and supply chain.

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