Ropes & Gray has represented Citigroup Global Markets and J.P. Morgan Securities as capital markets advisors and PIPE placement agents to Ares Acquisition Corporation II (NYSE: AACT) in its business combination with Kodiak Robotics, a provider of AI-powered autonomous vehicle technology focused on the trucking industry. The business combination was approved by AACT shareholders on September 23, 2025 and closed on September 24th. It was announced in a press release on September 24, 2025.
The business combination values Kodiak at $2.5 billion, making it among the largest operating company de-SPAC transactions of 2025 to date.
Ares Acquisition Corporation II was a publicly traded special purpose acquisition company affiliated with Ares Management Corporation (NYSE: ARES).
The team was led by capital markets partner Paul Tropp.
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