Kirkland & Ellis Advised Ares Acquisition Corporation II On business Combination With Kodiak Robotics

Kirkland & Ellis advised Ares Acquisition Corporation II on business combination with Kodiak Robotics

Kirkland & Ellis advised Ares Acquisition Corporation II (NYSE: AACT) (AACT) on a definitive business combination agreement with Kodiak Robotics through which Kodiak will become a publicly-listed company.

Ares Acquisition Corporation II is a publicly traded special purpose acquisition company and affiliate of Ares Management Corporation (NYSE: ARES).

Kodiak Robotics, Inc. is a leading provider of AI-powered autonomous vehicle technology.

The proposed business combination ascribes a pre-money equity value of $2.5 billion to Kodiak. The combined company is expected to receive approximately $551 million of cash held in AACT's trust account at closing, assuming no redemptions of existing AACT shares and based on trust value per share as of December 31, 2024.

Additionally, certain institutional investors, including affiliates of Soros Fund Management, ARK Investments and Ares, have invested or committed over $110 million to support the transaction.

The Kirkland team advising on the transaction included Monica Shilling (Corporate Lawyer), Walton Dumas (Corporate Lawyer), Pippa Bond (Capital Market Lawyer) and Van Whiting (Capital Market Lawyer).

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