Spartan Acquisition Corp. III announced March 16 it has finalized a business combination agreement with pan-European electric vehicle charging network, Allego Holding B.V.
“We are pleased to complete our business combination with Allego, a market leading company that we expect will maintain its strong position within the world’s largest and fastest-growing EV market,” Spartan CEO and Chairman, and Partner and Co-Head of Infrastructure and Natural Resources at Apollo, Geoffrey Strong, said in a press release.
With the agreement, Allego has been renamed Allego N.V., the release stated. Its shares and warrants began trading on the New York Stock Exchange March 17 under the ticker symbols “ALLG” and “ALLG.WS.”
“Through the proceeds raised by this transaction, Allego is now well-capitalized to accelerate our growth strategy, deploying fast and ultra-fast charging sites with the support of marquee partners and advancing our charging solutions business,” Allego CEO, Mathieu Bonnet, said in the release.
Under the terms of the deal, the company will receive $161 million in gross funds, which includes the private placement of shares inputted by partners Fisker and Landis+Gyr, as well as other investors, according to the release.
“As a public company, we expect to remain laser-focused on operating the business and expanding our footprint throughout Europe,” Bonnet said. “We look forward to working with our partners at Spartan and Meridiam to continue building on our success, serve our valued partners and EV drivers across Europe, and drive value creation for our shareholders.”
Allego’s primary shareholder, Meridiam, has agreed to serve as a long-term strategic partner for the newly combined company and will retain ownership of 74% of the combined entity, the release stated.
“Europe is an extremely attractive market for EV charging, and we believe Allego is well-positioned to capitalize on the shift from internal combustion engines to EVs,” Strong said. “At Spartan and Apollo, we are committed to advancing sustainable business models and are pleased to support Allego’s growth strategy while working to eliminate emissions from the environment.”