Allego to Be Delisted from NYSE in Major Agreement with Meridiam

Credit: Allego

Dutch fast-charging network operator Allego has reached a significant agreement with its majority shareholder, French infrastructure provider Meridiam, involving a total of 356 million euros in fresh capital. As part of the agreement, Meridiam will acquire the remaining shares in Allego and provide 310 million euros to support the company’s growth. Additionally, Meridiam will inject an additional 46 million euros into Allego’s charging network in Germany.

The agreement will see Allego being delisted from the New York Stock Exchange, where it has been listed under the ticker symbols ā€œALLGā€ and ā€œALLG.WSā€ since its public debut in spring 2022 via a SPAC merger. Meridiam had acquired a majority stake in Allego in 2018.

Both companies have cited the limitations of the current stock market listing as a reason for the delisting, stating that it hinders Allego’s ability to fully implement its growth plan. Allego and Meridiam believe that the delisting will provide Allego with a broader range of more favorable options to finance its growth plan and create a more efficient capital structure.

Meridiam will offer to acquire all shares not owned by its subsidiaries at a price of 1.70 dollars each, representing a premium of 131 percent over the closing price of Allego shares on June 14. Shareholders who choose not to sell their shares will remain investors in the delisted company.

Allego has emphasized that the tender offer and the completion of the transaction are not subject to any minimum number of shares or any financing or regulatory approval conditions.

“Since our initial investment in Allego in 2018, we have supported the Company along the way,” said Emmanuel Rotat, Director of Meridiam. “We strongly believe that operating in a private context, with continued support from Meridiam as the majority shareholder, will ideally position Allego for its next phase of growth.”

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