Spartan Acquisition Corp. III, a publicly traded special purpose acquisition company, has completed its business combination with Allego Holding B.V., a pan-European electric vehicle (EV) charging network.
In connection with the completion of the business combination, Allego Holding B.V. has been renamed Allego N.V. (Allego).
“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,” states Mathieu Bonnet, CEO of Allego. “As a public company, we expect to remain laser-focused on operating the business and expanding our footprint throughout Europe. 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.”
“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,” says Geoffrey Strong, chairman and CEO of Spartan and partner and co-head of infrastructure and natural resources at Apollo.
“Today the company has a robust pipeline of committed premier charging sites across Europe with the support of marquee partners, having leveraged its best-in-class charging technology and proprietary software suite to support its continued expansion,” adds Strong. “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. 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.”
As a result of this transaction, the company will receive approximately $161 million of gross proceeds, including from a private placement (“PIPE”) of ordinary shares anchored by strategic partners Fisker and Landis+Gyr as well as institutional investors, including funds and accounts managed by ECP. Investment funds managed by affiliates of Apollo Global Management, Inc., which also sponsor Spartan, and by Meridiam, as long-term owner of Allego, also participated in the PIPE.
Meridiam, the existing shareholder of Allego, will roll 100% of its equity and, together with management and former advisors, will own approximately 74% of the combined entity. Meridiam will continue to be a long-term strategic partner to the combined company.