Spartan Acquisition III, the third blank check company formed by Apollo Global Management targeting the energy transition space, raised $480 million by offering 48 million units at $10. The company offered 8 million more units than anticipated. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company is led by CEO and Chairman 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. The company plans to target the energy value chain in North America, with a particular focus on opportunities aligned with energy transition and sustainability themes.
Apollo's previous SPACs include Spartan Acquisition II (SPRQ; +28% from $10 offer price), which went public in November 2020 and has a pending merger agreement with US residential solar financing platform Sunlight Financial, and Spartan Energy Acquisition, went public in August 2018 and completed its acquisition of EV auto developer Fisker (FSR; +49%) this past October.
Spartan Acquisition III plans to list on the NYSE under the symbol SPAQ.U. Credit Suisse, Citi, Cowen, Morgan Stanley, Barclays and RBC Capital Markets acted as lead managers on the deal.
