The first in Europe! Electric car charger maker Wallbox to ‘backdoor’

According to foreign media reports, in June and September local time, Spanish electric vehicle charger manufacturer Wallbox announced that it plans to merge with the shell company Kensington Capital Acquisition Corp (Kensington Capital Acquisition Corp) later this year. NYSE “backdoor listing”.

Wallbox’s charger (Image credit: Wallbox)

Wind energy leader Iberdrola is the largest institutional investor in Wallbox, which will raise about $330 million in a merger deal that would give the company a market value of about $1.5 billion, including debt.

The deal, expected to close in the third quarter of this year, will include $100 million in investments from the likes of Kensington, Janus Henderson Investors, Luxor Capital and Cathay Innovation.

Wallbox may become the first European car charger manufacturer to go public through a merger with a special acquisition purpose company (SPAC). Compared with traditional listing methods, “backdoor listing” is often a faster and easier way to go public.

Startups in innovative areas such as automotive technology choose to merge with SPACs to “backdoor listings” because these companies can promise investors that they can predict future benefits for investors when their products go mainstream , which is restricted in IPO regulations.

Enric Asuncion, CEO of Wallbox, said in a statement: “This deal with Kensington allows us to significantly enhance our product development and manufacturing capabilities.”

Investors are hoping to replicate the stock market success of electric car maker Tesla in the electric vehicle space, and Quantumscape, the Volkswagen-backed Silicon Valley battery group, also achieved last year by merging with a separate Kensington subsidiary. Backdoor listing”.

Last week, privately owned Spanish multinational electrical company Ibidrola said it would snap up 1,000 fast chargers from the first products in Wallbox’s new range and deploy them in homes, businesses and roads to meet growing demand.

Kensington has now hired Hughes Hubbard & Reed LLP, Cuatrecasas Goncalves Pereira and Houthoff as legal counsel, UBS as a financial advisor. Wallbox hired Barclays, Drake Star Partners, Latham & Watkins LLP and international law and tax firm Loyens & Loeff as advisors.

Source: Gasgoo

Author: Fairy