Spartan Acquisition II, the second blank check company formed by Apollo Global Management targeting the North American energy industry, filed on Friday with the SEC to raise up to $400 million in an initial public offering.
The New York-based company plans to raise $400 million by offering 40 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Spartan Acquisition II would command a market value of $500 million.
The company is led by CEO and Director Geoffrey Strong, who is a Senior Partner at Apollo, and CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo. Apollo's previous SPAC, Spartan Energy Acquisition (SPAQ; +46% from $10 offer price) is currently pending a business combination with Fisker. Spartan Acquisition II plans to focus on opportunities aligned with energy transition and sustainability themes.
Spartan Acquisition II was founded in 2020 and plans to list on the NYSE. The company filed confidentially on August 21, 2020. Citi, Credit Suisse, Cowen and Morgan Stanley are the joint bookrunners on the deal.
