Charging-Tech Firm EVBox to Merge With TPG Pace SPAC

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.

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