Electric vehicle charging company Allego unveiled due to SPAC merger

Image Source: Spartan Acquisition Corp III Presentation, Submitted as show NS Form 8-K, July 28, 2021

Allego Holding, a European electric vehicle charging company, is a Spartan Acquisition Corp III (NYSE: SPAQ), Private Equity Giant Apollo Global Management Inc (NYSE: APO).

transaction, Announcement On Wednesday, Allego is valued at $ 3.14 billion. The transaction will generate $ 702 million in revenue, including $ 150 million from a private placement.

Private parts of the agreement include institutions such as Hedosophia and ECP, strategic partners such as Fisker and Landis + Gyr, Apollo Global Management’s affiliates and Meridiam, the long-term owner of Allego.

Meridiam, a French investment company that acquired Allego in 2018, will roll back 100% of its stake and hold 75% of the integrated entity.

Allego will be listed on the New York Stock Exchange under the ticker symbol “ALLG” after the transaction is scheduled to close in the fourth quarter of 2021.

Since its founding in 2013, Allego has deployed more than 26,000 charging ports in 12,000 public and private locations in 12 European countries.

The charger can be used with all brands of electric vehicles.

As the automotive industry continues to move from gas engines to battery engines, Allego will leverage a flexible charging network to serve new EV drivers.

Allego CEO Mathieu Bonnet said in a statement that the partnership with Spartan provides the company with the capital to accelerate “leadership in the European charging market” and maintain “strong financial position throughout the growth phase”. He said.

Jeffrey Strong, Chairman and Chief Executive Officer of Spartan and Senior Partner of Apollo, said: A supportive macro trend that boosts the EV charging market. “

Demand for EV companies has increased in recent years, partly stimulated by the global green push.

According to a new analysis from Marcom Capital GroupThe smart charging company raised $ 271 million in eight transactions in the first half of 2021.

One of the recent deals includes the merger of Spanish startups Wall box charger We have traded with Kensington Capital Acquisition Corporation II to value this combination for $ 1.5 billion.

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sauce: Equity news

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