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7/28, 3:33 PM (Source: TeleTrader)
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Allego to go public via $3.1B SPAC deal

European electric vehicle charging network Allego Holding B.V. announced on Wednesday that it will join the New York Stock Exchange through a merger with Spartan Acquisition Corp. III, a special purpose acquisition company (SPAC).

The transaction values Allego at an implied $3.14 billion. The new company, which will take Allego's name and will trade under the ticker ALLG, is expected to receive approximately $702 million of gross proceeds. The merger is set to be completed in the fourth quarter this year.

"We are excited to announce our strategic partnership with Spartan, which will provide capital to accelerate our leadership position within the European charging market, all while maintaining a strong financial position throughout the growth phase," Allego CEO Mathieu Bonnet said.

Breaking the News / MD