Linklaters advises NATIXIS and Banco Bilbao Vizcaya Argentaria on innovative US$300m equity investment in Polestar

Linklaters has advised NATIXIS and Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) on their combined US$300m private investment in public equity (PIPE) in the Swedish global electric performance car brand, Polestar (Nasdaq: PSNY).

NATIXIS and BBVA have each invested US$150m to acquire Nasdaq-listed Class A American Depositary Shares (ADSs) in Polestar. The Linklaters team advised the financial institutions on the private placement issuance and equity derivative structure under which, NATIXIS and BBVA each entered into a put option arrangement with a wholly-owned subsidiary of Geely Sweden Holdings AB. This innovative structure provides the financial institutions with a defined exit path and a degree of return certainty on their investment after three years.

The successful financing represented a significant step for Polestar to strengthen liquidity and support Geely Holding Group’s global growth strategy.

Linklaters’ multi-disciplinary, cross-jurisdictional team was led by Asia Head of Capital Markets Victor Wan, capital markets partners Stephen Song and Kenneth Lam, corporate partner Elisabet Lundgren, banking partner Magnus Wennerhorn and US counsel Christian Felton. The team provided seamless legal advice across six key jurisdictions, ensuring cohesive and efficient execution on this complex transaction.

Victor Wan, capital markets partner, commented:

"We are delighted to have supported our clients on this sophisticated transaction which highlights the growing demand for creative financing solutions in the public markets. Our global platform and depth of expertise across capital markets, derivatives, and corporate law enabled us to navigate multiple legal frameworks which was crucial to delivering a successful outcome."