ESG-focused SPAC merges with ADS-TEC in deal valued at USD 580m.
Munich/ New York — European Sustainable Growth Acquisition Corp. (EUSG) has acquired ADS-TEC Energy GmbH, a leading German manufacturer of battery charging platforms. The company operates under the name ADS-TEC Energy and will be listed on the US Nasdaq with an expected market capitalization of approximately USD 580 million. — Global law firm Reed Smith provided comprehensive advice to European Sustainable Growth Acquisition Corp (EUSG) on the acquisition of ADS-TEC Energy GmbH.
ADS-TEC Energy’s promising energy management technology enables ultra-fast charging using the existing power-limited grid.
As part of the transaction, the Special-Purpose Acquisition Company (SPAC) secured additional fully underwritten private investment in public equity (PIPE) funds of USD 156 million through several leading ESG and blue chip investors, including Invesco, APG, Swedbank Robur, Bosch and Polar Structure.
Florian Hirschmann, who led Reed Smith’s German team, said, “I am pleased to have advised EUSG on one of the first successful SPAC transactions in Germany. The merger in this innovative field will enable the rapid expansion and scaling of ADS-TEC’s energy platforms in the European and US markets.”
Reed Smith advised EUSG with a multinational team led by partner Ari Edelman (Capital Markets, New York) and partner Florian Hirschmann together with counsel Silvio McMiken (both Corporate/ Private Equity, Munich).
Further advised on this transaction:
— Tobias Schulz (Associate, Corporate/Private Equity, Munich)
— Caroline Walz (Associate, Corporate, Munich)
— Siling Zhong-Ganga (Paralegal, Corporate/Private Equity, Munich)
— Lyn Reinhardt (Partner, Corporate, Dallas)
— Michael P. Lee (Partner, Corporate, New York)
— Ron Scharnberg (Partner, Corporate, Houston)
— John Ngo (Counsel, Corporate, New York)
— Lauren John (Associate, Corporate, Pittsburgh)
— Russell Schneider, Ari Byk (both Associate, Corporate, New York)
— Luke Barbour (Associate, Corporate, Pittsburgh)
— Katie Geddes (Associate, Corporate, Dallas)
— Caroline Sandy (Associate, Corporate, Dallas)
— Dr. Martin Bünning (Partner, Tax Law, Frankfurt)
— Dr. Simon Grieser (Partner, Banking & Finance, Frankfurt)
— Dr. Anselm Reinertshofer (Associate, Banking & Finance, Munich)
— Carina Park (Associate, Tax Law, Frankfurt)
— Dr. Andreas Splittgerber (Partner, IT/Data Protection, Munich)
— Dr. Michaela Westrup (Counsel, Antitrust/Competition, Munich)
— Dr. Anette Gärtner, Dr. Alexander Klett (both partners, IP, Frankfurt and Munich)
— Dr. Christoph Mikyska (Associate, IP, Munich)
— Dr. Philipp Süss, Dr. Thomas Fischl (both Partners, Entertainment & Media, Munich)
— Dr. Etienne Richthammer (Partner, Real Estate, Munich)
— Frederik Laux, Sebastian Bitter (both Associate, Real Estate, Munich)
— Ulrike Bischof, Vincent Magotsch (both Associate, Labor Law, Munich)