Sparks Energy Merging with 10X Capital Venture III in $475M Deal

Sparks Energy, a power infrastructure services firm engaged in power restoration management, entered into a merger agreement with 10X Capital Venture Acquisition III at a pro forma enterprise value of approximately $475 million, including a $50 million seller earnout.

If approved,  the resulting holding company expects to list on the under the ticker SPKS. Electric power distribution recovery and restoration is Sparks’ core business. 

A $50 million standby equity financing facility has been secured from YA II PN, LTD., an affiliate of Yorkville Advisors.

10X raised $261 million in a January IPO. The SPAC announced a LOI with Sparks earlier this month. Read more.


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Source: Sparks Energy Merging with 10X Capital Venture III in 5M Deal