Spartan Acquisition Corp. III (NYSE: SPAQ) disclosed that it has finalized the business merger with Allego Holding B.V which is a prominent pan-European electric vehicle charging network. SPAQ anticipates that this merger will help the company maintain its strong position within the world’s largest and fastest-growing EV market.
Europe is a very promising market for EV charging, and SPAQ thinks Allego is well-positioned to benefit from the shift away from internal combustion engines and toward electric vehicles. SPAQ is focused on promoting sustainable business models at Spartan and Apollo, and we are glad to support Allego's growth goal while working to reduce emissions in the environment.
It has been disclosed that Allego Holding B.V. has changed its name Allego N.V. concerning the business merger, and its ordinary shares and warrants are likely to begin trading on the New York Stock Exchange on Thursday, March 17, 2022, under the ticker symbols "ALLG" and "ALLG.WS," respectively.
Furthermore, the Company will receive nearly $161 million in gross proceeds as a result of this transaction, which will include profits from a private placement (PIPE) of ordinary shares led by strategic partners Fisker and Landis+Gyr, as well as institutional investors, including funds and accounts controlled by ECP.
In addition to this, PIPE was also attended by investment funds operated by associates of Apollo Global Management, Inc., which also sponsors Spartan, and Meridiam, the long-term owner of Allego. Moreover, Meridiam, the present shareholder of Allego, will roll 100 percent of its own and will own around 74 percent of the new firm, together with management and former advisers. Meridiam will remain the combined company's long-term strategic partner.