Quanergy nears China-backed SPAC deal to go public

June 21 (Reuters) – Quanergy Systems Inc, a supplier of self-driving car technology, is nearing a deal to go public through a merger with Chinese blank-check acquisition firm CITIC Capital Acquisition Corp (CCAC.N), people familiar with the matter said on Monday.

Quanergy would be the latest company developing LiDAR technology – which uses laser beams to help generate a three-dimensional map of the road – to turn to a so-called special purpose acquisition company (SPAC) to go public.

Others that have done so include Peter Thiel-backed Luminar Technologies Inc (LAZR.O) and AEye.

The SPAC deal would value Quanergy at $1.1 billion and could be announced as early as this week, the sources said.

The sources requested anonymity because the negotiations are confidential. Quanergy and CITIC did not immediately respond to requests for comment.

Source: Reuters

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