tado plans IPO via the first German GFJ — SPAC
Munich — © GFJ ESG Acquisition I SE (GFJ), the first German listed SPAC (Special Purpose Acquisition Company) specifically for sustainable technologies, and tado GmbH (tado), a European market leader for intelligent indoor climate management, have signed a mutually exclusive letter of intent and agreed on the terms of a merger. tado GmbH is being fully advised by Allen & Overy LLP.
The stock market vehicle under the name GFJ ESG Akquisition I SE was launched by ex-Klöckner manager Gisbert Rühl together with investor Florian Fritsch and former Relayr CEO Josef Brunner. The focus of the shell company is on European greentech companies. — At the launch of their GFJ-Spacs, the trio of founders stated that they wanted to raise a sum of between 125 and 150 million euros with the acquisition. It is unknown how much it should be in the case of Tado.
Following the successful completion of the business combination, tado will be listed on the Frankfurt Stock Exchange and is expected to trade as tado SE. In connection with the merger, GFJ will raise additional capital in a private investment in public equity (PIPE) transaction. It is currently assumed that tado will be valued at an enterprise value of around EUR 450 million as part of the transaction.
tado is a European market leader for intelligent indoor climate management based in Munich. As the only multi-vendor platform, its smart thermostats and services are compatible with any type of heating or cooling system. Customers benefit from energy-saving technologies such as geofencing and window-open detection, as well as time-variable rates. The company was founded in 2011, currently employs 180 people and operates in more than 20 countries. The merger with GFJ will enable tado to further accelerate its growth plans and invest massively in its product and technology development.
Advisor tado: Allen & Overy
Jointly led by partner Dr. Astrid Krüger and partner Dr. Hendrik Röhricht (both Private Equity/M&A, Munich). It also includes partner Dr. Heike Weber (tax law), partners Dr. Michael Weiß (corporate/M&A), Dr. Knut Sauer (capital markets law) and Dr. Udo H. Olgemöller (public law). The team also includes Counsel Peter Wehner (Labor Law) and Dr. Andre Wandt (Corporate/M&A), Senior Associates Dr. Thomas Dieker (Tax Law), Nadine Kämper (Capital Markets Law, all Frankfurt) and Heiner Mecklenburg (Antitrust Law, Hamburg) as well as Associates Cornelia Tu, Frank Weiss (both Munich), Alan James-Schulz, Veronika Gaile (all Corporate/M&A), Dr. Stephan Bühner (Public Law) and Anne Pelzer (Labor Law, all Frankfurt). On Luxembourg law, partners Jacques Graas (Corporate/M&A) and Gilles Dall’Agnol (Labor Law), senior associate Victoria Woestmann and junior associate Jacques Hoffmann (both Corporate/M&A, all Luxembourg) advise.
GFJ’s advisors include Sullivan & Cromwell LLP, Eight Advisory, Flick Gocke Schaumburg, Boston Consulting Group and Maximilian Mayer.
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