XL Fleet, a provider of electric vehicle technology, said Friday it has agreed to merge with Pivotal Investment Corporation II , a special purpose acquisition corporation, or SPAC, in a deal with a pro forma enterprise value of about $1 billion. A SPAC, or blank-check company, is one that goes public and then seeks to acquire a business or businesses. The new entity will be named XL Fleet and will remain listed on the New York Stock Exchange, under a new ticker, “XL.” XL’s customers include FedEx, The Coca-Cola Company, PepsiCo, Verizon, the City of Boston, Seattle Fire Department, Yale University, and Harvard University, among other blue-chip companies, municipalities, and institutions, the companies said in a joint statement. On close, the company expects to receive about $300 million of cash that will be used to expand, to develop new products and services, pay down or prepay debt and for general corporate purposes. The deal is expected to close in the fourth quarter. Pivotal shares were up 19% premarket.
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