Sunlight Financial and Spartan Acquisition II sponsored by an affiliate of Apollo Global Management, today announced that they have entered into a definitive agreement for a business combination.
Sunlight is a \U.S. residential solar financing platform.
The business combination reflects an estimated implied pro forma equity value at closing of $1.3 billion. In connection with the transaction, investors led by Chamath Palihapitiya, Coatue, funds and accounts managed by BlackRock, Franklin Templeton and accounts advised by Neuberger Berman Investment Advisers have committed to invest $250 million in a private purchase of Spartan’s Class A Common Stock at $10 per share immediately prior to the closing of the transaction. Read more.
