LS Power Bids to Take EVgo Private at $2 Per Share

A 47% surge in EVgo stock followed a non-binding offer from LS Power Equity Advisors to acquire all remaining shares of the charging network for $2 apiece. The investment firm, which already controls 56% of EVgo’s voting power, signaled it has no intention of selling its current stake to outside bidders.

Today, 03:07· Money Talk· 715 reads

The company’s board has responded by forming a committee of independent directors to evaluate the proposal. This move comes after a challenging period for the firm; since August, analysts at firms including Stifel, UBS, and RBC Capital have consistently lowered their price targets for the company. Monday’s trading session saw significant activity, with volume exceeding 72 million shares as investors reacted to the potential buyout.

LS Power’s involvement dates back to 2020, when it acquired the business from Vision Ridge Partners. The company subsequently went public through a SPAC merger in 2021. In a recent securities filing, the LS Power group emphasized that it is not interested in disposing of its holdings or participating in any alternative change-of-control transactions, effectively narrowing the scope of the current negotiation to this specific privatization bid.

LS Power Bids to Take EVgo Private at $2 Per Share

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