EVgo receives $2-a-share takeover proposal from LS Power

EVgo’s board has received an unsolicited proposal from LS Power to buy the public charging company’s remaining Class A shares for $2 each in cash. The approach, disclosed on Monday, would take the business private if it ultimately leads to a completed deal.

LS Power and its affiliates already control approximately 56% of EVgo’s combined voting power. The board has formed a committee of independent, disinterested directors to evaluate the proposal and authorised it to appoint its own legal and financial advisers.

The offer is non-binding. EVgo says no decision has been made, and there is no assurance that a definitive agreement will be signed or a transaction completed. The company’s 2 November securities filing lists both its announcement and the proposal letter.

For drivers, this is an ownership proposal rather than an announced change to charging access. EVgo describes a network of more than 1,200 fast-charging locations across 47 US states. The disclosure sets out the board’s review process and gives no revised charging tariff or station-closure programme.

Sources

• EVgo: Receipt of non-binding LS Power proposal
• SEC: EVgo’s 2 November filing and exhibit index
• Photo: EVgo at Cerritos Mall by Eric Polk