Benzinga | Dec 11, 2020 01:47AM EST

SPAC TPG Pace's Shares Surge 119% On Merger Deal With EV Charging Company EVBox

Engie SA (OTC:ENGIY)-backed electric vehicle charging company EVBox Group is merging with TPG Pace Beneficial Finance Corp (NYSE:TPGY), a TPG Capital-backed blank check company, to go public.

What Happened The acquisition values the new combined entity EVBox at $1.4 billion, of which EV Charged BV's valuation is $969 million.

Parent Engie, a French electric utility company, will retain above 40% stake in the resultant company. EVBox will list on the New York Stock Exchange with the symbol "EVB."The combined entity is expected to generate $225 million proceeds from public investment in private equity.

Some of the investors include certain BlackRock Inc's (NYSE:BLK) managed funds, Wellington Management Group LLP, Neuberger Berman BD LLC, and Inclusive Capital Partners L.P.

Including contributions from private financing, EVBox's revised cash position is close to $425 million. Engie will receive up to $180 million in cash consideration.

Why Does It Matter The Amsterdam-based EV Charging technology company, EVBox Group, is spread across 70 countries and operates around 190,000 charging ports. The funds raised from the acquisition will be used to enhance its technology and expand operations globally, with a focus on North America and Europe, according to the company.

Currently, some of EVBox Group's products in certain states qualify for the utility rebate programs in the U.S., Bloomberg reports.

Price Action During Thursday's trading hours, TPGY gained 0.91% only to shoot up 119.01% during the extended trading hours and close at $24.31.

See Also: Cramer Says Time To Take Profit In These Electric Vehicle SPAC Stocks

Click here to check out Benzinga's EV Hub for the latest electric vehicles news.