Maples Group Advises Ares on US$2.5 Billion Business Combination with Kodiak
Ares Acquisition Corporation II, a special purpose acquisition company (“SPAC”) affiliated with Ares Management Corporation, completes its US$2.5 billion business combination with Kodiak Robotics Inc. To date, it is the largest de-SPAC transaction involving an operating company in 2025.
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Maples and Calder, the Maples Group’s law firm, has advised Ares Acquisition Corporation II (“AACT”), a special purpose acquisition company (“SPAC”) affiliated with Ares Management Corporation, on a US$2.5 billion business combination with Kodiak Robotics Inc (“Kodiak”), a leading provider of AI-powered autonomous vehicle technology. The transaction closed on 24 September 2025.
The business combination involved AACT, a publicly traded NYSE SPAC, merging with Kodiak. Following the merger, Kodiak became a wholly owned subsidiary of AACT, and the combined company, Kodiak AI, Inc., was relisted on the NASDAQ. To date, it is the largest de-SPAC transaction involving an operating company in 2025.
The Maples Group team, comprising Partner Michael Johns and Associates Maximilian Chung and Jordan Southway, provided Cayman Islands counsel to AACT and worked closely with US counsel, Kirkland & Ellis LLP
“We are delighted to have worked alongside AACT on this complex, high-profile transaction. It not only represents the largest de-SPAC so far in 2025 but also highlights the growing impact of AI-driven solutions across sectors.” commented Michael. “Our Corporate team is at the forefront of advising on first-of-a kind transactions that shape the future of the market, and we look forward to continuing to deliver our unmatched expertise to clients.”
Kodiak AI, Inc., will leverage its access to the public markets to help scale its commercialisation of the Kodiak Driver, a virtual driver that combines advanced AI-powered software with modular and vehicle-agnostic hardware designed to help address customers’ needs.
The Maples Group’s Corporate practice advises on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg advising on a broad range of corporate commercial matters. The team’s clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of government entities.
