EV charging network Allego Holding B.V. today announced plans to combine with Spartan Acquisition III. If approved, the transaction will create a leading publicly traded pan-European electric vehicle charging company.
The combined company would operate under the Allego name and list on the NYSE under ALLG.
The transaction values Allego at a pro forma equity value of approximately $3.14 billion. Expected total gross proceeds of $702 million will fund the Company’s future growth through the deployment of additional public EV charging sites.
The combined company is expected to receive approximately $702 million of gross proceeds from a combination of a fully committed common stock PIPE offering of $150 million along with approximately $552 million of cash held in trust, assuming no redemptions.
The deal is expected to close in the fourth quarter.
Also today, EV company Fisker announced it will contribute $10 million to a PIPE supporting the planned merger of European EV charging network Allego B.V. with Spartan Acquisition III.
Fisker is the exclusive electric vehicle automaker in the PIPE and, in parallel, has agreed to terms on a strategic partnership to deliver a range of charging options for its customers in Europe.
Spartan III raised $480 million in a February IPO. Read more.
