Spartan Acquisition Corp. III (NYSE:SPAQ) announced this afternoon that its shareholders have voted to approve its combination with Dutch electric vehicle (EV) charging company Allego.
The press release did not disclose much information on redemptions, but SPAQ has been trading above its trust value of $10 since the redemption deadline March 4. The deal was supported by 94% of SPAQ’s shares at the special meeting.
Spartan III brought approximately $552 million into the deal from its current trust supplemented by a $150 million PIPE at $10 per share. The PIPE drew participation from institutional investors Hedosophia, ECP and Apollo Global Management – Spartan III’s sponsor. The PIPE also included a strategic investment by energy metering company Landis+Gyr (SIX:LANDI) as well as EV-maker and fellow Spartan SPAC target Fisker (NYSE:FSR).
The transaction is expected to close the week of March 14 and the combined company’s name will be Allego N.V. Its ordinary shares and warrants are expected to trade on the New York Stock Exchange under the ticker symbols “ALLG” and “ALLG.WS,” respectively.
The parties initially announced their $2.6 billion combination last year on July 28. Arnhem, Netherlands-based Allego operates about 26,000 EV charging stations, including ultra-fast charging rigs, across 12 European countries.
Three other proposals were considered and approved at today’s special meeting.
ADVISORS
- Credit Suisse is serving as sole financial advisor and capital markets advisor to Allego.
- Weil, Gotshal & Manges LLP and NautaDutilh are serving as legal advisors to Allego.
- Barclays is serving as sole financial advisor and capital markets advisor to Spartan.
- Credit Suisse and Barclays are serving as co-lead placement agent on the PIPE offering.
- Credit Suisse, Citi and Apollo Global Securities are serving as co-placement agents.
- Vinson & Elkins L.L.P. is serving as legal advisor to Spartan.
- Latham & Watkins LLP is serving as legal advisor to the placement agents
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