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.
- 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
Terms Tracker for the Week Ending November 24, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This being the Thanksgiving holiday week, we are thankful for a lot of things, but mostly that 2023 is almost over. It’s been a rough...
At the SPAC of Dawn Though perhaps stuffed to the brim, SPAC activity continues this Thanksgiving Friday with votes by Clean Earth and Zalatoris to extend a deadline and amend trust contributions, respectively. At least seven de-SPACs are also reporting earnings today and will do so going into a futures market that is mostly green...
IB Acquisition Corp. submitted its S-1 filing Friday afternoon for a $100 million IPO, coming right on the heels of Bayview Acquisition Corp, which also filed its S-1 that day. IB is also similar to Bayview in that its units do not feature a warrant but include 1 right for 1/10. However, its trust is slightly...
Integrated Wellness (NYSE:WEL) announced in an 8-K filing that it agreed to transfer control of its sponsor to Sriram Associates, which will now take on the SPAC’s financial obligations and may appoint a new team. Sriram is acquiring 2,012,500 promote shares (70%) and 4,795,000 private placement warrants (70%) for the nominal purchase price of $1....
At the SPAC of Dawn So far, seven SPACs have announced their liquidations this week and although some others may choose to use the holiday to quietly disband, this tends to be a positive week for equities in general. Going back to 1961, the S&P 500 has ended the Thanksgiving week with gains three-quarters of...