Allego Holding V.V, a pan-European electric vehicle charging network, said Wednesday it is going public via a merger with special purpose acquisition corporation Spartan Acquisition Corp. III
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in a deal with a pro forma implied equity value of $3.14 billion. The deal is expected to close in the fourth quarter. Upon completion, the company will trade on the New York Stock Exchange under the new ticker symbol "ALLG." The company will receive about $702 million in proceeds to fund its growth. The deal includes $150 million from a private investment in public equity, or PIPE, of $150 million anchored by institutional investors, including Hedosophia and funds and accounts managed by ECP as well as strategic partners, including Fisker and Landis+Gyr. Funds managed by affiliates of Apollo Global Management Inc.
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as sponsor behind Spartan Acquisition Corp. III, and Meridiam, as long-term owner of Allego, also participated in the PIPE. Allego, which was founded in 2013, has more than 26,000 public EV charging ports in 12 European countries. "Europe has one of the largest populations of EVs in the world, which is continuing to grow at a greater pace than many other major growth markets, including the United States," Allego CEO Mathieu Bonnet said in a statement.