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Allego

EV chargingNetherlands
New to Unitard
🤝 Acquired
Peak $2.3 BillionToday
~-80%
from peak
  1. 🦄
    Became a unicorn
    Mar 2022
  2. 📈
    Peak valuation
    $2.3 Billion ’22
  3. 💔
    Became a Unitard
    Jul 2022
  4. 💸
    Last valuation
    ~$465M
Current status
Delisted from the NYSE in Aug 2024 after majority owner Meridiam's $1.70/share tender (~$464M implied equity) lifted its stake to 86.6%; minority holders remain in the private company

The rise & fall

9 moments · 2013–2024

The key moments.

Sep 2013
Founded in Arnhem as grid operator Alliander's charging unit
Set up as Alliander Mobility Services, a subsidiary of the Dutch utility Alliander, and renamed Allego in June 2014. It won a Berlin charging tender in January 2015.
Wikipedia
May 31 ’18
Meridiam buys Allego from Alliander
The French infrastructure investor took over for an undisclosed price, effective June 1, 2018. Allego had installed more than 8,000 charging points in six European countries.
electrive
Jul 28 ’21
Agrees to list via Apollo-backed Spartan SPAC, billed at ~$3.14B
The combined company was put at around $3.14B pro forma, with $552M in trust and a $150M PIPE anchored by Landis+Gyr, Hedosophia, Apollo-managed funds and Meridiam.
Mercom
Mar 17 ’22
NYSE debut as ALLG after 98% of SPAC shares redeem
Holders redeemed 54.1M Spartan shares, leaving a thin float. The stock opened just over $8, rose more than 60% intraday, and its own filings later gave a $17.40 last sale on March 30.
ANP via nieuws.nl
Jun 3 ’22
The peak: ~$2.3B at $8.58 a share$2.3B
Allego's prospectus gave a last sale of $8.58 on June 3, 2022; across 267.2M ordinary shares that is about $2.3B. Meridiam held roughly three-quarters of the shares.
SEC 424B3
Jul 12 ’22
Shares at $3.50: value falls under $1B
A prospectus supplement gave a last sale of $3.50 on July 12, 2022, about $0.94B across the share count. The company had reported a 2021 net loss of €304M.
SEC 424B3
Apr 12 ’24
NYSE warns the stock is below the $1 minimum
Allego disclosed a March 14, 2024 notice that its 30-day average closing price had fallen under $1.00, starting a six-month cure period.
Allego release
Jun 17 ’24
Meridiam offers $1.70 a share to take Allego off the NYSE
The 73% owner launched a cash tender at a 131% premium to the $0.74 close, pledging €46M for German sites plus €310M of equity-like capital once delisted.
Allego release
Aug 1 ’24
Tender closes at ~$464M implied value — joins the Unitard Club 💔$464M
38.7M shares were tendered, lifting Meridiam to 86.6%; at $1.70 the whole company was worth about $464M. Allego filed to delist on August 12, 2024; remaining holders stayed in.
Allego release

How it happened

Allego is the EV charging network based in Arnhem, the Netherlands, which grid operator Alliander set up in September 2013 and sold to French infrastructure investor Meridiam in 2018. It listed on the NYSE on March 17, 2022 through a merger with Apollo-sponsored Spartan Acquisition Corp. III, a deal billed at about $3.14B.

About 98% of the SPAC's public shares were redeemed, leaving a tiny float. Its own filings put the last sale at $8.58 on June 3, 2022, about $2.3B across 267M shares. By July 2022 the stock was at $3.50, and in 2024 it fell below the NYSE's $1 minimum.

Meridiam, already holding about 73%, tendered for the rest at $1.70 a share, about $464M for the whole company, and Allego delisted in August 2024.

Source: Mercom (Jul 29, 2021): Spartan Acquisition Corp. III deal, combined company 'around $3.14 billion' (pro forma, not used as peak), $552M trust + $150M PIPE. Allego F-1/A (May 20, 2022): holders of 54,092,418 Spartan Class A shares redeemed; 267,177,592 ordinary shares outstanding at May 10, 2022. ANP via nieuws.nl (Mar 17, 2022): NYSE debut opened just over $8, up more than 60% intraday. Allego F-1 (Mar 31, 2022): last sale $17.40 on Mar 30, 2022 on 265,842,643 shares (~$4.6B, a thin-float squeeze, not used). Allego 424B3 (Jun 7, 2022): last sale $8.58 on Jun 3, 2022, so ~$2.3B on 267.2M shares (peak used). Allego 424B3 (Jul 13, 2022): $3.50 on Jul 12, 2022 (~$0.94B). Allego release (Apr 12, 2024): NYSE notice of 30-day average close below $1. Allego/Meridiam release (Jun 17, 2024): tender at $1.70 cash, 131% premium to $0.74; Meridiam held ~73.0%. Release (Aug 1, 2024): 38,718,988 shares tendered, Meridiam at 236,556,055 shares, ~86.6%, so ~273.2M shares x $1.70 = ~$464M implied equity; Form 25 filed Aug 12, 2024. No squeeze-out; dropPct uses the $464M tender-implied value against the $2.3B peak.

Who ran it

  • Mathieu Bonnet
    CEO (2019–2024, led at peak)
    No public profile matched

Disclosed investors (5)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard

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