TPG Pace Beneficial Finance said Friday that it agreed to buy EV Charged, which focuses on charging technology for electric vehicles.
EV Charged is a unit of French utility Engie.
San Francisco private-equity titan TPG formed TPG Pace, a special-purpose-acquisition, or blank-check, company, in October.
Engie will retain a more than 40% ownership stake in the company.
TPG Pace recently traded at $22.60, double its Thursday closing price.
“The business combination values EVBox [the operating name of EV Charged] at an implied $969 million enterprise value,” the companies said in a statement.
“Upon transaction closing, and assuming no redemptions by TPG Pace stockholders, EVBox is expected to have” $425 million in cash and a total pro-forma equity value of $1.39 billion.
Further “the transaction is expected to provide EVBox with significant growth capital to expand its reach globally, with focus on Europe and North America, and broaden its technology portfolio,” the companies said.
“EVBox offers a portfolio of both hardware and enterprise software solutions and has built the industry’s largest installed base of EV charging solutions, with more than 190,000 charge ports across 70 countries.”
EVBox will use the funds to pay for operations and pay up to $180 million to Engie in cash, the companies said. They expect the transaction to close late in the first quarter.
Electric-vehicle investments are all the rage this year, with the Global X Autonomous & Electric Vehicles ETF (DRIV) – Get Report up 52% year to date.