The investment values the U.K.-based manufacturer at around €3 billion, equivalent to $3.5 billion, according to a person familiar with the matter. Arrival is expected to announce the investment later Wednesday.
BlackRock, the world’s biggest money manager overseeing $7.8 trillion in assets, is joining the startup’s existing backers—auto manufacturers
Hyundai Motor Co.
Kia Motors Corp.
Those companies together invested a total of €100 million in January.
BlackRock is investing at the same valuation as Hyundai and Kia because it had started its negotiation around the same time as the other two investors. However, the coronavirus pandemic slowed its talks, according to the person familiar with the matter. U.S. delivery company
United Parcel Service Inc.
is also an investor but the amount it has contributed couldn’t be learned. Together, the four investors will own an undisclosed minority stake, according to the person.
The fundraising is the latest in a wave