June 23, 2021
Embark Trucks, Inc., a leading developer of autonomous software technology for the trucking industry and Northern Genesis Acquisition Corp. II (NYSE: NGAB), a publicly-traded special purpose acquisition company, have announced that they have entered into a definitive business combination agreement that will result in Embark becoming a publicly listed company. The transaction reflects an implied pro forma equity value of US$5.16 billion and enterprise value of US$4.55 billion.
Latham & Watkins LLP represents Embark in the transaction with a M&A team led by New York partner Justin Hamill, Washington, D.C. partner Marc Granger, and Los Angeles partner David Ajalat, with associates Brad Guest and Jake Goodman. Advice was also provided on capital markets matters by Washington, D.C. partners Rachel Sheridan and Shagufa Hossain, with associates Samuel Rettew and Kaan Ulgen; on tax matters by Bay Area partner Katharine Moir, with associate Eric Kamerman; and on benefits and compensation matters by New York partner Austin Ozawa, with associate Anne Bracaglia.