Microvast Inc. will go public via a merger with Tuscan Holdings Corp. (NasdaqCM:THCB), according to people with knowledge of the matter. The transaction, expected to be announced as early as February 1, 2021, will value the combined company at about $3 billion, said the people, who asked not to be identified because the information is private.

The companies will receive more than $800 million in cash when the deal closes, which includes a $540 million investment led by Oshkosh Corporation (NYSE:OSK), BlackRock, Inc. (NYSE:BLK), Koch Strategic Platforms and InterPrivate, said the people. Representatives for Stafford, Microvast and Tuscan declined to comment.