Meridiam Announces Tender Offer to Acquire Allego N.V

European electric vehicle charging company Allego N.V. (ALLG) announced on June 17, 2024, that it entered into an agreement under which Meridiam will launch a tender offer for Allego, valued at $1.46 billion.

Deal Structure:

According to the agreement, Meridiam will offer Allego shareholders the option to tender their shares for $1.70 per share in cash, representing a premium of 131.29% to Allego’s last closing price as of June 14, 2024.

Company Profile:

Allego is a leading electric vehicle charging solutions provider founded in 2013 and publicly listed on the NYSE in 2022. It offers a comprehensive portfolio of innovative charging infrastructure and software across 35,000 charging points in 16 countries, utilizing 100% renewable energy.

Allego went public through a merger with a blank-check firm, Spartan Acquisition Corp III, backed by private equity giant Apollo Global Inc (APO).

Meridiam, which has invested in Allego since 2018, is an independent investment Benefit Corporation and asset manager founded in 2005 by Thierry Déau, specializing in sustainable infrastructure, managing over US$22 billion across 125 projects globally.

Deal Details and Timeline:

Following the completion of the tender offer, expected in the third quarter of 2024, Allego will be delisted from the New York Stock Exchange.

Allego’s current Price/Sales (TTM) ratio is 0.65, below the sector median of 0.84.

The shareholders who choose not to tender their ordinary shares will remain investors in the delisted company.

Deal Metrics:

To explore more about this M&A transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Allego N.V. (ALLG) by Meridiam.

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through eventual completion or failure.
• Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
• News and SEC filings.
• A history of deal updates.
• And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article