Phoenix Motor Inc. completed the acquisition of Transit business line of Proterra Operating Company, Inc.
The transaction is subject to applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, regulatory approvals, the companies will seek U.S. Bankruptcy Court approval for the sale on November 28, 2023, and, if approved, plan to close on or before December 5, 2023. As of November 29, 2023, The Sale hearing for Phoenix Motor, Inc.?s (?Phoenix?) pending acquisition of the Proterra Transit business line has been moved to December 12, 2023. Moelis & Company (NYSE:MC) acted as financial advisor, FTI Consulting, Inc. (NYSE:FCN) acted as financial advisor and Paul M. Basta, Robert A. Britton, and Austin S. Pollet of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Proterra.
Phoenix Motor Inc. (NasdaqCM:PEV) completed the acquisition of Transit business line of Proterra Operating Company, Inc. in December 2023.