X Energy Reactor to go public via merger with Ares Management-backed SPAC

The transaction is expected to close in the second quarter of 2023.

  • When the deal closes, the newly combined company will be named X-Energy Inc and trade on the New York Stock Exchange
  • Guggenheim Securities LLC is acting as financial advisor to X-energy while Moelis & Company LLC is doing likewise to AAC
  • UBS Securities LLC and Citigroup Global Markets Inc. are serving as capital markets advisors to AAC

X Energy Reactor, a Rockville, Maryland-based developer of small modular nuclear reactors and fuel technology for clean energy generation, has agreed to go public via a merger with Ares Acquisition Corporation, a blank check company backed by Ares Management Corporation.

The transaction is expected to be completed in the second quarter of 2023.

At the closing of the transaction, the combined company will be named X-Energy Inc and trade on the New York Stock Exchange.

Guggenheim Securities, LLC is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to X-energy. Moelis & Company LLC is acting as financial advisor and Kirkland & Ellis LLP is acting as legal advisor to AAC.

Ocean Tomo, a part of J.S. Held, acted as financial advisor to AAC’s special committee of the board of directors.

UBS Securities LLC and Citigroup Global Markets Inc. are serving as capital markets advisors to AAC and Ropes & Gray LLP is acting as legal advisor to the capital markets advisors.