MW Wall Box Chargers to go public through SPAC merger, valuing combined company at $1.5 billion
Wall Box Chargers SL is set to go public, after the maker and distributor of electric vehicle charging stations announced an agreement to merge with special purpose acquisition company (SPAC) Kensington Capital Acquisition Corp. II $(KCAC)$, in a deal that will value the combined company at $1.5 billion. Kensington Capital's stock rose 2.9% in premarket trading. After the deal closes, which is expected to occur in the third quarter of 2021, the combined company will be listed on the NYSE under the ticker symbol "WBX." The deal raises about $330 million in proceeds. Wall Box's largest institutional investor, Spain-based electricity generator Iberdola S.A. (IBE.MC), recently announced the acquisition of the first 1,000 Wallbox Supernova fast chargers. Kensington Capital's stock, which went public on April 19, closed Tuesday 1% below where it closed on April 19, while the Renaissance IPO ETF $(IPO.UK)$ has lost 1.6% over the same time and the S&P 500 has gained 1.5%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
$(END)$ Dow Jones Newswires
June 09, 2021 06:50 ET (10:50 GMT)
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