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ESG-focused SPAC merges with ADS-TEC in deal valued at USD 580m.

Photo: ATS-TECH High Power Char­ging Solution
6. Septem­ber 2021

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)

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