X-Energy Reactor Company is merging with special purpose acquisition company Ares Acquisition Corp. in a $2 billion deal that will see the developer of small nuclear reactors go public. When the transaction closes, the combined company will be named X-Energy, Inc., and will be listed on the New York Stock Exchange. “The combination will establish X-energy as a publicly-traded, developer of a more advanced small modular reactor (“SMR”) and proprietary fuel that supports the transition to clean, affordable energy through enhanced safety, lower cost, scalability and broader industrial applications,” Ares Acquisition said, in a statement. “X-energy’s entry into the public markets is expected to accelerate its growth strategy through additional investment opportunities and financial flexibility as well as differentiated sponsorship by Ares Management Corporation,” it added. Investing and consulting company Ares Management Corp. launched Ares Acquisition in 2021 with the goal of entering into a combination with one or more businesses. The SPAC merger has a pre-money equity value of more than $2 billion, according to the companies. Ares Acquisition’s stock rose 0.1% before market open Tuesday, while Ares Management was down 1.3%.
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