Dutch Engie subsidiary EVBox sold to TPG Pace Beneficial Finance

The company, which specializes in electric vehicle charging stations, has merge with TPG Pace Beneficial Finance, a special purpose acquisition company (SPAC) which is listed on the stock exchange and focuses on companies that respect environmental, social and governance principles (ESG).  

Upon closing, the new company will be called EVBox Group, and have an equity valuation of approximately $1.39 billion, of which the French group will own approximately 40%.  

EV Charged is the parent company of the EVBox Group, which is a leading global provider of smart charging solutions for electric vehicles. With more than 190,000 charging points installed in more than 70 countries, EVBox powers electric mobility by offering reliable charging solutions around the world.  

The transaction is expected to provide EVBox with significant growth capital to expand its reach globally, with focus on Europe and North America, and broaden its technology portfolio, positioning the company to drive and benefit from the growing wave of electric vehicle adoption.   

The deal is subject to approval by TPG Pace Beneficial Finance shareholders and other customary closing conditions. The transaction is expected to close during the first half of 2021.    

Linklaters Brussels, New York and Amsterdam acted as Engie’s legal advisor with a team led by Arnaud Coibion, Jeffrey Cohen and Peter Cohen-Millstein. 

Edited by Ramata Diallo