EVBox Group To Go Public On NYSE
EV charging leader EVBox is the latest electric vehicle related company planning to go public. It intends to do so through TPG Pace Beneficial Finance (NYSE: TPGY.U, TPGY, TPGY WS).
December 11, 2020
EV charging leader EVBox is the latest electric vehicle related company planning to go public. It intends to do so through TPG Pace Beneficial Finance (NYSE: TPGY.U, TPGY, TPGY WS).
Even so, ENGIE plans to retain 40+% ownership of EVBox Group. Additionally, institutional investors including funds and accounts managed by BlackRock, Inclusive Capital Partners, Neuberger Berman Funds, and Wellington Management intend to invest $225 million of equity through private placement at closing.
Does investing in oil and gas companies still make sense? Money manager Jacinto Hernandez has doubts.
The partner at Capital Group Cos. liquidated $1 billion in oil and gas stocks as Covid-19 spread around the globe in February, according to regulatory filings. Mr. Hernandez said he suspected the expansion of the new coronavirus in Italy was about to crush global demand for gasoline, diesel and jet fuel and with it, any near-term thesis for investing in oil companies. For Mr. Hernandez, the future of fossil-fuel investing depends on the virus and consumer behavior.
Adam Waterous, a Canadian private-equity investor, looked at the same circumstances and came to the opposite conclusion: This was the time to buy. Demand will eventually bounce back, he said, and when it does, prices will spike sometime later this decade. He backed up that conviction in July when his Waterous Energy Fund purchased a big stake in an oil sands company.
(2)
EVBox Group to Gain Access to Growth Capital to Fuel Global Expansion
EVBox Group s Leadership Position in European EV Charging Solutions is Aligned with TPG Pace Beneficial Finance s Commitment to Advancing High-Growth, ESG-Focused Companies Globally
ENGIE to Retain 40+% Ownership
Institutional Investors Including Funds and Accounts Managed by BlackRock, Inclusive Capital Partners, Neuberger Berman Funds and Wellington Management to Invest Additional $225 Million of Equity Through Private Placement at Closing
EVBox Group to be Listed on the NYSE Following Close Expected Late Q1-2021
TPG Pace Beneficial Finance Corp. (NYSE: TPGY.U, TPGY, TPGY WS) ( TPG Pace ), a publicly traded special purpose acquisition company ( SPAC ) formed by TPG that is focused on high-growth companies with strong environmental, social and governance ( ESG ) principles, today announced it has entered into a definitive agreement with ENGIE New Business S.A.S., a wholly owned subsidiary of ENGIE S.A. (