EVBox Seals Blank-Check Merger
EVBox, an Amsterdam-based provider of electric vehicle charging solutions, has sealed a deal to go public by merging with blank-check firm TPG…
EVBox, an Amsterdam-based provider of electric vehicle charging solutions, has sealed a deal to go public by merging with blank-check firm TPG Pace Beneficial Finance Corp. The merger will hand over $350 million in cash raised by TPG Pace to EVBox plus an additional $225 million that’s been committed by other investors including BlackRock and Wellington Management.
EVBox is a provider of electric vehicle charging infrastructure in European markets, with a network of over 190,000 charge ports used by over 2 million drivers in 70 countries. Founded in 2010, it was notably acquired by the French electric utility company Engie in 2017, which is now exiting it on the public markets but would retain a stake of over 40% in the company.
EVBox’s merger target, TPG Pace Beneficial Finance Corp, is a blank-check firm that was launched by the private equity firm TPG and began trading on the public markets this October. In just a few months of trading, it’s found a merger target in EVBox with a deal that’s expected to value the company at $1.4 billion once completed.
Out of the money that’ll be handed to EVBox from the merger, $180 million will be paid to buy shares from its owner Engie. The transaction is expected to be completed in the first quarter of next year.
Photo credit: EVBox