Juuce Limited, which does business as EO Charging, and First Reserve Sustainable Growth today announced a definitive agreement at a pro-forma enterprise value of $675 million.
If approved, upon closing EO Charging would be listed on the Nasdaq under EOC.
The transaction is expected to provide $222 million in gross proceeds assuming no redemptions by FRSG’s public stockholders. Total proceeds include over $150 million to fund EO’s growth plans, retire any outstanding indebtedness, and for transaction fees and expenses, with the remainder paid as cash consideration to existing shareholders, in addition to the equity in the combined company to be received by existing shareholders.
Founded in 2014, EO designs and manufactures EV charging stations and hardware-agnostic cloud-based charge-point management software for fleets at its headquarters in the UK. EO also provides installation services and ongoing operations and maintenance services across its fleet customer base.
Both companies expect the deal to close during the fourth quarter. Read more.
