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.
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.