TPG Pace Beneficial Finance announced it has entered into a definitive agreement with ENGIE New Business to acquire its subsidiary EVBox for a combination of cash and equity.
The business combination values EVBox at an implied $969 million enterprise value, and a total pro-forma equity value of approximately $1.4 billion.
Following the transaction, EVBox expects to have more than $425 million of cash on its balance sheet, including a portion of the proceeds of TPG Pace’s fully committed PIPE of $225 million, $100 million from TPG Pace’s Forward Purchase Agreements and $350 million of cash held in the SPAC’s trust account.
Based in France, EVBox is a global provider of smart charging solutions for electric vehicles with Europe’s largest installed base of charging solutions and an advanced cloud-based software offering. Read more.
