July 12 (Renewables Now) – US residential solar financing platform Sunlight Financial LLC has finalised its previously-announced merger with a listed special purpose acquisition company (SPAC) and today will start trading on the New York Stock Exchange (NYSE).
As agreed in January, Sunlight has combined with Spartan Acquisition Corp II (NYSE:SPRQ), a vehicle sponsored by funds managed by an affiliate of Apollo Global Management Inc (NYSE:APO). At the time, it was announced that the tie-up reflects an estimated implied pro forma equity value of USD 1.3 billion (EUR 1.1bn) for the combined company at closing.
The transaction included a USD-250-million private investment by Chamath Palihapitiya, Coatue, funds and accounts managed by BlackRock Inc (NYSE:BLK), Franklin Templeton and accounts advised by Neuberger Berman Investment Advisers LLC.
Sunlight is a point-of-sale (POS) financing platform for residential solar contractors and customers. To date, the company has funded more than USD 4 billion of loans.
“As demand for residential solar and battery storage solutions continues to grow, Sunlight is well-positioned to extend its lead as the point-of-sale technology platform of choice and provide frictionless financing for solar and home improvement customers, contractors and capital providers,” said CEO Matt Potere.
Following the merger, the combined company, now called Sunlight Financial Holdings Inc, is 50%-owned by Sunlight’s existing equityholders, while Spartan stockholders hold a 26% stake. Participants in the Private Investment in Public Equity (PIPE) own 19%. Sunlight’s common stock will trade under the ticker symbol “SUNL” and its warrants under the symbol “SUNLW”.
Sunlight’s exclusive financial advisor in this deal is Citi, which also served as the PIPE placement agent to Spartan alongside Credit Suisse and Cowen.
(USD 1.0 = EUR 0.843)
