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Battery Maker Romeo in Talks to Go Public Via RMG Merger

Gillian Tan and Ed Ludlow
·1 min read

(Bloomberg) -- Romeo Systems Inc., a maker of batteries for electric vehicles, is in advanced talks to go public through a merger with blank-check company RMG Acquisition Corp., according to people familiar with the matter.

The combined company’s equity value is slated to be about $1.4 billion, said one of the people, who asked to not be identified because the matter isn’t public. RMG has held talks with investors about raising $150 million in equity to support the deal, said another person.

A deal could be announced as soon as Monday, said one of the people. But as with all deals that are yet to be finalized, talks could still collapse.

Representatives for Vernon, California-based Romeo declined to comment. Representatives for RMG didn’t respond to requests for comment.

Romeo, led by Founder and Chairman Michael Patterson and Chief Executive Officer Lionel Selwood Jr., supplies batteries to electric vehicle maker Nikola Corp., the Financial Times has reported.

The company does business as Romeo Power Technology.

RMG, led by Chairman D. James Carpenter, CEO Bob Mancini, and President Philip Kassin, raised $230 million in an initial public offering last year.

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