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Automotive & Mobility Technology
2025

Ares Acquisition Corporation II has closed its business combination with Kodiak Robotics

Client: Ares Acquisition Corporation II

Target: Kodiak Robotics, Inc.

Target Description: Kodiak Robotics, Inc. (Kodiak) was founded in 2018 and has become a leader in autonomous ground transportation committed to a safer and more efficient future for all. The company has developed an AI-powered technology stack purpose-built for commercial trucking and the public sector. The company delivers freight daily for its customers across the southern United States using its autonomous technology. In 2024, Kodiak became the first known company to publicly announce delivering a driverless semi-truck to a customer. Kodiak has also leveraged its commercial self-driving software to develop and test autonomous capabilities for the U.S. Department of Defense.

The Deal: The business combination ascribed a pre-money equity value of approximately $2.5 billion to Kodiak.

Lincoln’s Role: Lincoln International acted as a financial advisor and issued a fairness opinion to the special committee of the board of directors of Ares Acquisition Corporation II in connection with the transaction.

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