2020 M&A Annual Review

Morrison & Foerster is recognized for M&A/Corporate and Commercial: M&A: Large Deals ($1BN+) in the U.S. Legal 500 2020 “They not only tackle the legal and technical issues, but also provide tactical and commercial perspectives as if they are part of clients’ investment teams.” Client Quote, Legal 500 2020 PIVOTAL INVESTMENT II Morrison & Foerster advised Pivotal Investment Corporation II (NYSE: PIC), a publicly traded special purpose acquisition company (SPAC) sponsored by MGG Investment Group, on its merger with XL Fleet, a leader in vehicle electrification solutions for commercial and municipal fleets, in a transaction which, at closing, had an enterprise value of approximately $3 billion. The combined company, renamed XL Fleet Corp. (NYSE: XL), received approximately $350 million in cash proceeds, which are expected to be used to advance XL Fleet’s position as a leader in fleet electrification through the development of new products, including all electric and Class 7-8 solutions; to further the deployment of its XL Grid charging infrastructure division and its complete “Electrification as a Service” offering; and to accelerate its international expansion, in addition to its strong presence in the U.S. and Canada. XL Fleet helps companies meet their sustainability goals efficiently by providing a fully integrated fleet electrification platform to transform traditional fossil fuel-powered fleet vehicles into hybrid and plug-in hybrid electric vehicles that offer real-time data monitoring and analytics, proprietary powertrain technology, power management, charging, and storage.