Kodiak Robotics Set to Merge with Ares Acquisition Corporation II

Deal News | Apr 22, 2025 | Ropes & Gray

Ropes & Gray advises Citigroup Global Markets and J.P. Morgan Securities as capital markets advisors to Ares Acquisition Corporation II in its intended business combination with Kodiak Robotics. The transaction, valued at a pre-money equity of $2.5 billion for Kodiak, is expected to deliver approximately $551 million from AACT's trust account at closing. Ares Acquisition Corporation II, a SPAC affiliated with Ares Management Corporation, is publicly traded. The announcement of the merger was released on April 14, emphasizing the convergence of autonomous vehicle technology and public market capital.

Sectors

  • Autonomous Vehicles
  • SPAC (Special Purpose Acquisition Company)
  • Investment Banking

Geography

  • United States – The transaction involves U.S.-based companies, including Ares Acquisition Corp II, Kodiak Robotics, and the advisory firms Citigroup Global Markets and J.P. Morgan Securities.

Industry

  • Autonomous Vehicles – Kodiak Robotics operates in the sector of autonomous vehicle technology, developing AI-powered systems for vehicular automation.
  • SPAC (Special Purpose Acquisition Company) – Ares Acquisition Corporation II is a SPAC, which involves raising capital through an IPO to acquire a private company, in this case, Kodiak Robotics.
  • Investment Banking – Citigroup Global Markets and J.P. Morgan Securities are acting as advisors in the capital markets, playing a central role in the structuring of the transaction.

Financials

  • 2.5 billion – Pre-money equity value ascribed to Kodiak Robotics in the business combination.
  • 551 million – Cash expected to be received from Ares Acquisition Corp II's trust account at closing, assuming no redemptions.

Participants

NameRoleTypeDescription
Ares Acquisition Corporation IISPACCompanyAres Acquisition Corporation II is a special purpose acquisition company focusing on merging with Kodiak Robotics.
Kodiak RoboticsTargetCompanyKodiak Robotics is a provider of AI-powered autonomous vehicle technology.
Ropes & GrayLegal AdvisorCompanyRopes & Gray represented Citigroup and J.P. Morgan in providing advisory services for the transaction.
Citigroup Global MarketsCapital Markets AdvisorCompanyCitigroup Global Markets acted as a capital markets advisor to Ares Acquisition Corporation II.
J.P. Morgan SecuritiesCapital Markets AdvisorCompanyJ.P. Morgan Securities also served as a capital markets advisor to Ares Acquisition Corporation II.