Allego to go public via merger with Apollo-sponsored Spac
Allego Holding, a Netherlands-based pan-European electric vehicle charging network, is to go public via a merger with Spartan Acquisition Corp III, a publicly listed special purpose acquisition company (Spac) sponsored by Apollo Global Management.
Spartan Acquisition Corp III is a Spac focused on the energy value-chain in North America, with a particular focus on opportunities aligned with energy transition and sustainability. It is sponsored by Spartan Acquisition Sponsor III, which itself is owned by a fund managed by an affiliate of Apollo Global Management.
The transaction values Allego at a pro forma equity value of approximately USD 3.14bn. The combined company is expected to garner gross proceeds of USD 702m, inclusive of a USD 150m PIPE.
Fisker, a designer of electric vehicles, will make a USD 10m private investment in the PIPE. Fisker is the sole electric vehicle automaker in the PIPE and has also agreed to terms on a strategic partnership to deliver a range of charging options for its customers in Europe.
The USD 150m PIPE is anchored by additional strategic partners – among them Landis+Gyr – as well as institutional investors, including funds and accounts managed by Hedosophia and ECP. Investment funds managed by Apollo and Meridiam also participated in the PIPE.
Founded in 2013, Allego is an electric-vehicle charging company active in Europe; it has deployed more than 26,000 charging ports across 12,000 public and private locations, spanning 12 European countries. The company was acquired by Meridiam, an infrastructure developer and investor, in 2018. The company said it achieved a 100% revenue compound annual growth rate between 2017-2020, and reached positive operational EBITDA at the end of 2020.
Credit Suisse is serving as sole financial adviser and capital markets adviser to Allego. Weil Gotshal & Manges and NautaDutilh are serving as legal advisers to Allego. Barclays is serving as sole financial adviser and capital markets adviser to Spartan. Credit Suisse and Barclays are serving as co-lead placement agent on the PIPE offering. Citi and Apollo Global Securities are serving as co-placement agents. Vinson & Elkins is serving as legal adviser to Spartan. Latham & Watkins is serving as legal adviser to the placement agents.
A surge in demand from institutional investors looking to redirect cash towards targets with robust environmental, social and governance (ESG) credentials is expected to help fuel Europe's burgeoning blank-cheque vehicle market, as recently explored by Unquote sister publication Mergermarket.
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