Firms: Corrs Chambers Westgarth (Tritium Holdings Pty Ltd); Undisclosed (Decarbonization Plus Acquisition Corporation II).

Deal: Tritium Holdings Pty Ltd (Tritium) has been advised on its entry into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation II (DCRN), a US special purpose acquisition company (SPAC). 

Value: $1.8 billion.

Area: M&A.

Key players: The legal team advising Tritium comprised Corrs Chambers Westgarth partners Alexandra Feros, Jeremy Horwood and Shabarika Ajitkumar (Corporate/M&A and Capital Markets), Helen Clarke (Technology and IP), Clare Corke (Finance), Anna White (Environment), Abigail Gill and Frances Wheelahan (Regulatory Compliance).

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Deal significance: As per a statement provided by Corrs, the transaction represents the first announced merger between an Australian company and a US SPAC.

The transaction is expected to provide Tritium, a developer and manufacturer of direct current fast chargers for electric vehicles, with additional capital to expand their manufacturing capabilities across North America, Europe and Australia and offer the support they need to achieve their product roadmap, enhance their existing products and grow their global sales and service operations teams. On closing, the combined company is expected to list on the NASDAQ under the ticker “DCFC”.

Commenting further on the matter, lead partner Alexandra Feros said: “Corrs is delighted to have worked with Tritium on its merger agreement with DCRN and anticipated listing on the NASDAQ. This is the first announced merger of an Australian company with a US SPAC and it is hugely exciting to be involved in such an innovative and market-leading transaction.”