Spartan Acquisition II, the second blank check company formed by Apollo Global Management targeting the North American energy industry, raised $300 million by offering 30 million units at $10. The company offered 5 million more units than indicated by its most recent terms. It originally planned to offer 40 million units before decreasing the offering last week. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Geoffrey Strong, who is a Senior Partner at Apollo; CFO and CAO James Crossen, who serves as the CFO for Private Equity and Real Assets at Apollo; and Chairman John MacWilliams, a Senior Advisor at Apollo. Apollo's previous SPAC, Spartan Energy Acquisition, went public in August 2018 and completed its acquisition of EV auto developer Fisker (FSR; +60% from $10 offer price) this past October. Spartan Acquisition II plans to focus on opportunities aligned with energy transition and sustainability themes.
Spartan Acquisition II plans to list on the NYSE under the symbol SPRQU. Citi, Credit Suisse, Cowen, Morgan Stanley, Barclays and RBC Capital Markets acted as lead managers on the deal.
