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CM - SPAC Tortoise shedding midstream shell for powertrain maker - June 2020
Special-purpose acquisition company Tortoise Acquisition Corp., which intended to buy a midstream or water company when it went public in March 2019, has gone in a different direction. The blank-check company announced an agreement to purchase Hyliion Inc., a Pittsburgh-based maker of Class 8 electric powertrains for long-haul trucks. The deal places the combined companies’ value at over $1.5 billion, assuming no Tortoise public shareholders exercise their redemption rights. Upon completion of the transaction,......
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