Dutch electric vehicle charging company Allego goes public with a backdoor valuation of approximately US$3.14 billion
Allego, a Dutch electric vehicle charging company, has agreed to merge and go public with a special purpose acquisition company (SPAC) backed by private equity firm Apollo Global Management. In this transaction with Apollo's Spartan Acquisition Corp III, Allego is valued at approximately US$3.14 billion.
According to foreign media reports, the Dutch electric vehicle charging company Allego has agreed to merge and go public with a special purpose acquisition company (SPAC) backed by private equity firm Apollo Global Management.
In this transaction with Apollo’s Spartan Acquisition Corp III, Allego is valued at approximately US$3.14 billion. If the shareholders of SPAC do not choose to redeem it, the Dutch group will raise approximately US$700 million, including US$552 million held by SPAC Trust and US$150 million from institutional investors.
Allego has become the latest electric vehicle charging supplier to be listed through the merger with SPAC after the American companies ChargePoint and EVgo. SPAC refers to a company that first completes the listing and then looks for a merger target. Currently, the stock market has a high interest in electric vehicle companies. Investors, especially retail investors, have been looking for the next Tesla.
This transaction shows that Spartan believes that the European electric vehicle industry will continue to grow. According to data from industry tracking agency EV-volumes.com, Europe surpassed China last year and became the region with the highest sales of electric vehicles in the world.
In an interview, Mathieu Bonnet, CEO of Allego, said in an interview: "We believe that this path is much faster than a traditional IPO. Otherwise, we need to conduct a large-scale placement before the IPO." Allego was founded in 2013. Previously it was a subsidiary of Dutch power grid operator Alliander and was acquired by French investment company Meridiam in 2018.
