International law firm McDermott Will & Emery represented Innovative International Acquisition Corp. (Innovative) (NASDAQ: IOAC), a publicly traded special purpose acquisition company, in its definitive merger agreement with Zoomcar, the world’s largest emerging market focused car sharing platform. Upon closing, Zoomcar will become a publicly listed company renamed Zoomcar Holdings, Inc. and expects to list its common stock on Nasdaq. The transaction values the combined company at an implied pro forma enterprise value of approximately $456 million at $10.00 per share.
The transaction was announced on October 13, 2022 and is expected to close in the first half of 2023, subject to customary closing conditions.
The McDermott cross-border deal team was led by Ari Edelman and included Ranajoy Basu, Nathan Bull, Steven Hadjilogiou, Siddhartha Sivaramakrishnan, Sunyi Snow, Beth Kuhn, Caroline Sandy and Kwabena Yeboah.
Read Zoomcar’s press release here.
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