Fast-charging network operator Allego, owned by French infrastructure investor Meridiam, is set to be delisted from the New York Stock Exchange (NYSE). Meridiam announced that the delisting process has begun.
In June, Allego concluded a framework agreement with Meridiam, under which Meridiam would acquire the remaining shares in Allego. As a result, Allego’s shares will no longer be traded on the NYSE. The Dutch charging point operator (CPO) confirmed that the outstanding shares have been transferred to Meridiam, making it the sole owner, thereby initiating the delisting process.
Meridiam and Allego stated that the move to delist will provide Allego with “greater flexibility, as a private company, to focus on improving its long-term financial performance.” This shift contrasts with the earlier rationale for Allego’s initial public offering (IPO), which aimed to access investor funds.
Meridiam acquired a majority stake in Allego in 2018. Allego went public in spring 2022 via a SPAC merger, trading under the ticker symbols “ALLG” and “ALLG.WS.” As part of the delisting, Meridiam committed to initially providing Allego with €46 million for its charging network in Germany, with an additional €310 million intended for Allego’s growth.
Simultaneously, Allego announced a €20 million loan from the European Bank for Reconstruction and Development (EBRD) as part of the CROSS-E project, co-financed by the European Union. This loan will support the expansion of charging infrastructure in Poland. Allego plans to install over 200 fast-charging points for light and heavy commercial vehicles at more than 50 locations across Poland.
“The delisting will allow Allego to operate with more flexibility and focus on its long-term goals,” stated Meridiam.
