Kodiak Robotics, a developer of autonomous vehicle technology, has signed a definitive business combination agreement with Ares Acquisition Corporation II (AACT), a special purpose acquisition company affiliated with Ares Management Corporation.
Upon completion of the transaction, Kodiak will become a publicly listed company in the US under the name Kodiak AI.
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Founded in 2018, Kodiak focuses on AI-powered autonomous driving systems for the commercial trucking industry.
Its core product, the Kodiak Driver, is a single-platform solution combining AI software and modular hardware designed to integrate with customers’ existing logistics operations.
The boards of Kodiak and AACT have unanimously approved the proposed merger.
The business combination values Kodiak at a pre-money equity valuation of $2.5bn.
The transaction is expected to provide the combined company with approximately $551m in cash from AACT’s trust account, assuming no redemptions.
Institutional investors, including affiliates of Soros Fund Management, ARK Investments, and Ares, have committed over $110m in support of the transaction. Existing investor ARK Investments has reaffirmed its support for Kodiak.
Kodiak founder and CEO Burnette said: “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.”
Subject to shareholder approval and other customary closing conditions, the transaction is expected to close in the second half of 2025.
AACT CEO and co-chairman of the board of directors and co-founder of Ares David Kaplan said: “As an early-mover in autonomous trucking and first to deliver a commercial driverless product to a customer, Kodiak has quickly set itself apart as an industry leader in a significant addressable market.”
