ChargePoint, Inc. to Become Public Company, Announces Business Combination with Switchback Energy Acquisition Corporation Valued at $2.4B
Vinson & Elkins advised Switchback Energy Acquisition Corporation, a special purpose acquisition company (SPAC), in a definitive business combination agreement with ChargePoint, Inc., (the “Company” or “ChargePoint”) a leading electric vehicle (“EV”) charging network. The business combination values ChargePoint at an implied $2.4 billion enterprise value.
Upon transaction closing, and assuming no redemptions by Switchback stockholders, ChargePoint will have approximately $683 million in cash, resulting in a total pro forma equity value of approximately $3.0 billion. ChargePoint expects to use transaction proceeds to expand its reach in North America and Europe, further enhance its technology portfolio and significantly scale its commercial, fleet and residential businesses ahead of the anticipated introduction of an increasing number of new EV models and rising EV penetration.
The V&E corporate team was led by partners Ramey Layne and Doug McWilliams with assistance from senior associates Mike Marek, Andrew Schulte and Zachary Swartz and associate Jordan Fossee. Also advising were partners Jason McIntosh and David Peck and senior associate Brian Russell; partner Sean Becker; partner Shane Tucker and senior associate Kristy Fields; partner Devika Kornbacher and senior associate Ben Cukerbaum; partner Margaret Peloso and senior associate Lindsay Hall; partner Hill Wellford and associate Ryan Will; counsel Sarah Mitchell; and senior associate Emilie Stewart.
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