BlackRock invests $118m in Arrival at $3.5bn valuation

The firm is currently investing from its BlackRock Long Term Private Capital fund, which held a first close on $2.75bn in April 2019.

BlackRock, Hyundai and Kia, along with United Parcel Services, will hold a minority interest in Arrival. The company is majority-owned by Denis Sverdlov, a former mobile-telecoms executive.

Arrival will deploy the capital to finance small factories spread across the US and Europe. Arrival could also look at garnering more capital and taking the company public, according to the report.

BlackRock could not be reached for comment.

Previous funding
Hyundai and Kia provided €100m in funding to the company in January 2020, investing at the same valuation as BlackRock's investment.

Company
Founded in 2015, the company is based in London and manufactures electric vehicles.

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• Topics
• Expansion
• UK / Ireland
• Industrials
• United Kingdom
• BlackRock
• Secondary purchase