Spanish EV charger maker Wallbox to go public in $1.5 billion New York SPAC deal [Reuters]
IBERDROLA SA S/ADR (IBDRY)
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Source: Reuters
By Isla Binnie 2 Min Read MADRID (Reuters) - Spanish electric-vehicle charger maker Wallbox plans to list on the New York Stock Exchange later this year through a merger with shell company Kensington Capital Acquisition Corp, the companies said on Wednesday. Wallbox, which counts wind energy leader Iberdrola as its largest institutional investor, will raise about $330 million from the deal, valuing it at around $1.5 billion including debt. The deal is slated to close in the third quarter and will include a $100 million investment from Kensington along with Janus Henderson Investors, Luxor Capital and Cathay Innovation. The Barcelona-based company could become the first European vehicle charger maker to hit public markets through merging with a special purpose acquisition company (SPAC), a quicker and less onerous route to market than a traditional listing. Startups in innovative areas like automotive technology have chosen SPACs because they can present investors with the promise of
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