Geely Automobile Holdings Limited (SEHK:175) will be an anchor investor in a plan by Faraday&Future Inc. (Faraday Future) to go public through a merger with a blank-check acquisition company, two people familiar with the matter said. The deal, which may be announced as early as January 29, 2021 in the United States, will value Faraday at around $2.7 billion, the people said. Faraday has agreed to a merger with Property Solutions Acquisition Corp.

(NasdaqCM:PSAC), a special purpose acquisition company or SPAC. Geely is helping bankroll a $775 million financing package for the deal in the form of private investment in public equity (PIPE), one of the sources said. Geely declined to comment, while Faraday Future and Property Solutions did not immediately respond to requests for comment.