SUBSPAC

The Daily Dish (7/28/21)

Dutch EV Charging Group to List Through SPAC Deal 

Dutch EV Charging Group Allego has agreed go public through an SPAC Merger with Spartan Acquisition Corp III, in a deal valuing the combined company at $3.14 Billion. The deal is expected to raise around $700 Million in proceeds, which includes $550 Million from the SPAC trust and $150 Million through a PIPE placement.

Allego is the latest EV charging station provider to go public through a SPAC merger, following its US peers ChargePoint and EVgo last year. 

The merger is a bet on the continued growth of EV companies in Europe, which last year surpassed China as the largest region in sales.

The company was founded in 2013 as a subsidiary of Dutch network Alliander before being acquired by French firm Meridiam in 2018. Allego expects to generate € 86 million in 2021 and eventually growing to € 1.2 billion by 2026. 


SPAC Disaster Leaves Advent Facing $800 Million Loss

ATI Physical Therapy, in its earnings debut following its SPAC merger, revised its revenue projects sharply lower and disclosed larger than expected staff turnover. The release also lacked the total share count, balance sheet and cash flow numbers or the reason for the difference between the original guidance and the revised numbers.

The company’s shares closed at $3.83, down 54% in the span of two days and ranking it amongst the worst performing companies to have gone public through an SPAC merger. 

By the days end, at least five law firms had published press releases urging investors who had lost money to contact them for securities fraud investigations.

Private equity firm Advent International owns 62.9% of ATI and is now facing a loss of over $800 million. It agreed in February to take ATI public through a merger with Fortress Value Acquisition Corp II. 


Swvl In Talks for $1.5 Billion SPAC Merger 

Dubai based ride-sharing company Swvl is in advanced talks for an SPAC merger with Queen’s Gambit Growth Capital to go public.

Queen’s Gambit raised $300 million in January and another $45 million through underwriters over allotment option. The deal is expected to infuse Swvl with $445 million in fresh capital, which includes a PIPE investment of $100 million. 

Founded in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, Swvl started as a bus-hailing service in Egypt, enabling users to travel within a city by booking seats on buses that run on fixed routes.

It later expanded the service in Kenya and Pakistan and moved its headquarters to Dubai. The company today also offers inter-city travel, car-based ride-sharing, corporate services, in different markets.


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