Gores Metropoulos completed the merger with Luminar in a $3.4bn deal.

Gores Metropoulos, a special purpose acquisition entity of The Gores Group, a global investment firm and by Metropoulos & Co, a family-owned investment firm, completed the merger with Luminar, an automotive lidar technology company, in a $3.4bn deal. Gores will invest $400m in Luminar, and $170m of immediate financing to Luminar is brought by the consortium of investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectoIQ. As part of the merger, Luminar’s stockholders will receive approximately 271.8m shares of Gores Metropoulos common stock. Luminar will become a publicly-traded company upon completion. “Luminar represents a rare opportunity to invest in the leading player in autonomous driving technology for cars and trucks. We are excited to partner with a visionary founder like Austin who has developed from scratch the only lidar technology that meets the most stringent OEM specification requirements for safety and performance. Luminar is well-positioned to dominate the autonomous landscape and together, we look forward to shaping the future of automotive transportation," Alec Gores, Gores Metropoulos CEO.