Harley-Davidson spins off electric motorcycle division in $1.8 billion SPAC merger

Harley-Davidson Inc connected Tuesday spun disconnected its electrical motorcycle division, LiveWire, successful a SPAC woody creating the archetypal publically traded electrical motorcycle institution successful the United States.

New shares of LiveWire Group Inc, Harley-Davidson's erstwhile electrical motorcycle subsidiary, were up 1.5% successful their U.S. marketplace debut connected Tuesday pursuing the unit's $1.77 cardinal merger with a blank-check firm.

Last year, the EV portion agreed to merge with peculiar intent acquisition institution AEA-Bridges Impact Corp.

Shareholders for AEA-Bridges approved the merger past week, adjacent arsenic investors are increasing much cautious astir blank-check companies with a grounds fig of SPACs liquidating successful 2022 amid surging involvement rates and marketplace volatility. The acquisition was primitively expected to adjacent successful the archetypal fractional of the year.

Harley released its archetypal electrical motorbike, the LiveWire, successful 2019 earlier deciding to relaunch the motorcycle arsenic its ain sub-brand. Hoping to recoup mislaid marketplace stock arsenic the company's halfway babe boomer lawsuit basal grows older and involvement successful motorcycling arsenic a recreational enactment fades, the Milwaukee-based institution is seeking to go much competitory with different electrical motorcycle manufacturers.

LiveWire has 1 EV motorcycle exemplary priced opening astatine $16,999 and different astatine $22,799. Harley-Davidson volition clasp the bulk ownership of LiveWire with a 74% stake.