Advising Kodiak Robotics Inc. on US$2.5 billion SPAC merger with Ares Acquisition Corporation II

Walkers is advising Kodiak Robotics, Inc. on the Cayman Islands law aspects of its business combination with a publicly listed SPAC, Ares Acquisition Corporation II (NYSE: AACT) with the intention of Kodiak becoming a publicly listed company.

Kodiak announced its entry into a definitive business combination agreement on 14 April 2025 with Ares Acquisition Corporation II. The transaction involves a migration out of the Cayman Islands to Delaware by Ares Acquisition Corporation II, and then merger governed by Delaware law of a wholly owned subsidiary of Kodiak ("Kodiak OpCo") and Ares Acquisition Corporation II, with Kodiak OpCo being the surviving corporation. The proposed business combination is expected to close in the second half of 2025, subject to customary closing conditions.

Kodiak is a leading provider of AI-powered autonomous vehicle technology. This transaction places a pre-money equity valuation of approximately US$2.5 billion on Kodiak.

The Walkers team is led by partners Melissa Lim and James Murrie together with associate Samantha Currie.

Wilson Sonsini Goodrich & Rosati acts as U.S. counsel to Kodiak.