Battery maker SES Holdings has agreed to go public by merging with Ivanhoe Capital Acquisition Corp in a deal that will value the combined company at about US$3.6 billion ($4.87 billion), according to people familiar with the matter.

The combined company will get as much as US$476 million in gross proceeds, said the people, who asked not to be identified because the information is private. That includes about US$276 million from Ivanhoe, a special purpose acquisition company, or SPAC, plus a fully committed private investment in public equity, or PIPE, the people said.

The investors in the US$200 million PIPE include Koch Strategic Platforms, Hyundai Motor Co, Geely Holding Group, Kia Corp and General Motors Co, according to the people.

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