Pivotal Investment II to merge with XL Fleet in a $1bn deal.

Pivotal Investment II, a special purpose acquisition company, agreed to merge with XL Fleet, a provider of vehicle electrification solutions, in a $1bn deal. Upon closing, the combined company will be named XL Fleet and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, “XL”. “We believe that this transaction will enable XL Fleet to advance and accelerate the growth of our industry-leading fleet electrification business, including a rapid expansion of our product offerings. With thousands of XL-equipped vehicles already on the road today, we are excited to continue to pave the way for fleets seeking to promote sustainability while improving operational efficiency,” Dimitri Kazarinoff, XL Fleet CEO.