Allego Holding B.V., a leading pan-European electric vehicle charging network, has announced a business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), a publicly-listed special purpose acquisition company. The transaction will create a leading publicly traded pan-European electric vehicle (EV) charging company.
The business combination values Allego at an implied US$3.14 billion pro forma equity value. The combined company is expected to receive approximately US$702 million of gross proceeds from a combination of a fully committed common stock PIPE offering of US$150 million at US$10 per share, along with approximately US$552 million of cash held in trust, assuming no redemptions. The proceeds from the business combination will be used to fund EV station capex and for general corporate purposes.
Latham & Watkins LLP represents the placement agents in the transaction with a corporate deal team led by Houston partner Ryan Maierson, with associates Monica White, Bryan Ryan and Dylan Carroll.