Kodiak Robotics, a company that develops autonomous technology for commercial trucks, has entered into a definitive agreement to merge with Ares Acquisition Corporation II (AACT), a special purpose acquisition company affiliated with Ares Management Corporation. The deal gives Kodiak a pre-money equity value of $2.5 billion and is projected to bring in up to $551 million from AACT’s trust, assuming no redemptions. Additional support includes over $110 million in commitments from investors such as Soros Fund Management, ARK Investments, and Ares. Founded in 2018, Kodiak focuses on addressing critical challenges in the freight industry with its AI-based autonomous driving system.
The company has logged over 2.6 million autonomous miles and partners with Atlas Energy, J.B. Hunt, and the U.S. Department of Defense. Burnette, Founder and CEO of Kodiak, stated, "We believe entering the public markets will accelerate our strategy to expand our existing partner relationships, provide our technology to a broader customer base, and deliver enhanced solutions across the commercial trucking and public sector industries.” Allyson Satin, Chief Operating Officer of AACT and Partner at Ares, commented, "We believe Kodiak's scalable technology, combined with its established network, position the Company to meet the evolving and growing demands of its customers and communities."
