Allego delists from the US stock exchange under Meridiam’s management

In mid-June, Allego reported that it had concluded a framework agreement with its majority shareholder, Meridiam, under which the French infrastructure investor would also acquire the remaining shares in Allego. Subsequently, Allego’s shares will no longer be traded on the New York Stock Exchange. According to the Dutch CPO, the outstanding shares in Allego have now also been transferred to Meridiam, making it the sole owner. The delisting process has thus been initiated on the New York Stock Exchange.

Meridiam and Allego expect the surprising move to delist the company to give Allego “greater flexibility, as a private company, to focus on improving its long-term financial performance.” Favourable access to investor funds was once one of the reasons for the IPO.

Meridiam acquired a majority stake in Allego in 2018. In spring 2022, the Dutch company went public in New York via a SPAC merger. Since then, the company has been listed under the ticker symbols “ALLG” and “ALLG.WS.” As part of the delisting, Meridiam committed to initially providing Allego with a sum of 46 million euros for its charging network in Germany, according to information from June. Meridiam later intends to provide an additional 310 million euros for “Allego’s growth.”

Allego emphasises that there are alternative financing options outside the stock exchange by announcing a loan at the same time. Accordingly, the European Bank for Reconstruction and Development is granting the Dutch company a 20 million euro loan as part of the CROSS-E project co-financed by the European Union to expand the charging infrastructure in Poland. In this context, Allego will install more than 200 fast-charging points for light and heavy commercial vehicles at over 50 locations in Poland.

ir.allego.eu (complete takeover), ir.allego.eu (delisting), ir.allego.eu (ERBD loan)