A special-purpose acquisition company formed by private-equity firm L Catterton has agreed to combine with the electric-vehicle maker Lotus Technology. The deal would value the combined entity at about $5.4 billion, including cash in the SPAC’s trust account. Wuhan, China-based Lotus Technology makes luxury EVs under the British-founded Lotus brand. The combination with L Catterton Asia Acquisition is among the larger ones among recent SPAC deals, whose [average merger values](https://www.wsj.co