Engie unit EVBox, US blank check co scrap tie-up deal

French utility Engie's (EPA:ENGI) Dutch electric-vehicle (EV) charging subsidiary EV Charged BV (EVBox Group) and TPG Pace Beneficial Finance Corp (NYSE:TPGY), a blank check company set up by US investment firm TPG Capital, have called off their agreed USD-970-million (EUR 857.3m) combination.

The parties have mutually agreed to terminate the tie-up agreement, effective immediately, a joint press release said on Thursday. The motives for the move were not disclosed.

The special purpose acquisition company, or SPAC, agreed to acquire EVBox for USD 969 million (EUR 798.9m) in enterprise terms in December 2020. The deal was supposed to take the EV firm public in the US.

Engie was expected to retain a holding of about 40% in the combined company and receive a cash consideration of up to USD 180 million following the floatation.

The transaction was set to generate over USD 425 million in proceeds, including a USD-225-million private investment in public equity (PIPE) from Blackrock, Inclusive Capital Partners, Neuberger Berman and Wellington Management.

Set up in 2010, Amsterdam-based EV Charged develops hardware and enterprise software and has a network of over 190,000 EV charging solutions in 70 countries.

(USD 1 = EUR 0.883)

Choose your newsletter by Renewables Now. Join for free!