US-based TPG Pace Beneficial Finance Corp., a special purpose acquisition company, has entered into a definitive agreement with ENGIE New Business S.A.S. – a wholly-owned subsidiary of ENGIE S.A., to acquire its subsidiary EV Charged B.V. – which operates as EVBox – for a combination of cash and equity.
The transaction
This development is expected to provide EVBox with significant growth capital to expand its reach globally, with a focus on Europe and North America, and to broaden its technology portfolio. According to the company, cash proceeds raised in the transaction will be used to notably pay cash consideration of up to $180M (approx €148.2M) to ENGIE.