Autonomous trucking tech provider Einride to go public in $1.8bn SPAC merger

Core Insights - Einride, a Swedish autonomous trucking technology company, is planning a US listing that values the business at $1.8 billion through a merger with SPAC Legato Merger Corp III [1] - The merger is expected to generate approximately $219 million in gross proceeds before redemptions and costs, along with a targeted $100 million private investment in public equity [1] Company Overview - Founded in 2016 and headquartered in Stockholm, with a US office in Austin, Einride focuses on helping global shippers transition to electric and autonomous logistics [2] - The company combines Freight-Capacity-as-a-Service (FCaaS) with software-as-a-service (SaaS), utilizing an AI platform for managing electric and autonomous operations [3] Market Focus and Strategy - The US is Einride's second-largest market, with a focus on investment in autonomous deployments, domestic supply chains, R&D, and job creation, supported by favorable policies [4] - Einride's CEO emphasized the proven technology and trust built with global customers, indicating that autonomous and electric operations are not only feasible but superior [4] Post-Merger Plans - After the merger, the combined company aims to serve over 25 enterprise customers, manage a fleet of approximately 200 electric vehicles, and scale autonomous programs with partners like GE Appliances and Apotea [5] - Existing Einride shareholders are expected to retain about 83% ownership of the combined entity post-merger [6] Leadership and Approval - The current leadership of Einride will remain in place, and both boards have unanimously approved the transaction, which is anticipated to close in the first half of 2026, pending regulatory approvals [6] Industry Positioning - Legato's chief SPAC officer highlighted Einride's strong customer relationships, regulatory achievements, and technology platform, positioning the company as a leader in the freight industry's transformation [7] - The market fundamentals are considered strong, and the timing is viewed as opportune for Einride to capitalize on the significant shift in global goods movement [7]