EVgo Services LLC said on Friday it has agreed to go public through a merger with blank-check firm Climate Change Crisis Real Impact I Acquisition Corp, in a deal that values the electric vehicle charging station provider at $2.6 billion.
The deal is expected to provide EVgo with about $575 million in net cash proceeds, including $400 million from investors such as Pacific Investment Management Co LLC (PIMCO), BlackRock Inc and Wellington Management, among others.
A blank-check firm, also known as a special purpose acquisition company (SPAC), raises funds through an initial public offering to acquire a private company, which then becomes public as a result.
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