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Allego Holding B.V. ("Allego" or the "Company"), a leading pan-European electric vehicle charging network, which recently announced its proposed business combination with Apollo-affiliated Spartan Acquisition Corp. III, a publicly traded special purpose acquisition company (NYSE:SPAQ) ("Spartan"), today announced that its affiliate, Athena Pubco B.V. ("Athena Pubco") filed a registration statement on Form F-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") on September 30, 2021.
The Registration Statement contains a preliminary proxy statement/prospectus in connection with the previously announced proposed business combination. While the Registration Statement has not yet become effective and the information therein is subject to change, it provides important information about Allego and Spartan, as well as the proposed business combination.
In July 2021, Spartan entered into a business combination agreement with Allego, pursuant to which, following consummation of the business combination contemplated therein, the combined company will be listed on the New York Stock Exchange ("NYSE") under the ticker symbol "ALLG". Completion of the transaction is subject to approval by Spartan's stockholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.
Upon completion of the proposed business combination, Athena Pubco is expected to receive approximately $702 million in total gross proceeds from a combination of a fully committed PIPE offering of $150 million, along with approximately $552 million of cash held in trust, assuming no redemptions. The proceeds from the proposed business combination will be used to fund the Company's future growth through the deployment of additional public electric vehicle ("EV") charging sites, as it focuses on delivering fast and ultra-fast chargers and continues to build its technology moat, and for general corporate purposes.
Allego is a leading EV charging company in Europe and has deployed over 26,000 charging ports across 12,000 public and private locations, spanning 12 European countries. The Company's charging network includes fast, ultra-fast, and AC charging equipment. The Company takes a two-pronged approach to delivering charging solutions by providing an owned and operated public charging network with 100% renewable energy in addition to providing charging solutions for business to business customers, including leading retail and auto brands. The Company's charging solutions business provides design, installation, operations and maintenance of chargers owned by third parties.
Allego's chargers are open to all EV brands, with the ability to charge light vehicles, vans and e-trucks, which promotes increasing utilization rates across its locations. Allego has developed a rich portfolio of partnerships with strategic partners, including municipalities, more than 50 real estate owners and 15 OEMs. As additional fleets shift to EVs, Allego expects to leverage its expansive network of fast and ultra-fast chargers to service these customers, which see above average use-rates.
Mathieu Bonnet, Chief Executive Officer of Allego, commented, "We are pleased to have reached this next step in the transaction process. The proceeds received from this transaction are expected to accelerate our leadership position within the European EV charging market as OEMs continuously look to replace traditional internal combustion engines with EVs. Our expanded footprint will help ease the automotive markets' transition to EVs by providing more accessibility to charging stations, all while maintaining a strong financial position throughout the growth phase."
Posted In: SPAQ
