Einride AB to Go Public via SPAC Merger, Valued at $1.35 Billion with $213 Million Financing
KDK•Legato Merger Corp. III will merge with Swedish freight‐tech firm Einride AB, creating Nasdaq‐listed ENRD with a $1.35 billion pre‐money equity valuation and $1.51 billion pro forma enterprise value. The deal secures $213 million of financing—including a $113 million PIPE—provides $264.5 million net cash and closes pending a June 4 shareholder vote.
1. Merger Terms and Timeline
The F-4 registration became effective on May 14, and Legato Merger Corp. III will merge with Einride Cayman Sub Limited, with the combined company to list on Nasdaq under the ticker ENRD. Legato III shareholders of record as of May 7 will vote at an Extraordinary General Meeting on June 4. Upon approval and satisfaction of closing conditions, the merger is expected to close shortly, granting Einride near-term access to public capital markets.
2. Financing Package
The transaction includes a $113.3 million PIPE and approximately $100 million of prior crossover commitments, totaling about $213 million of committed capital. Combined with $187.2 million in Legato III trust cash, Einride anticipates roughly $264.5 million of net proceeds after transaction expenses. PIPE investors feature Stockholm-based EQT Ventures and a U.S. West Coast global asset manager, underlining institutional support for the platform.
3. Valuation and Ownership Structure
Einride is valued at a $1.35 billion pre-money equity value, implying a pro forma enterprise value of $1.51 billion. Pro forma equity ownership is projected at 77.9% for existing Einride shareholders, 10.4% for Legato III public shareholders, 8.7% for PIPE investors, and the remainder for initial affiliates and sponsors. Actual dilution and cash delivery will depend on final redemptions, warrant overhang and closing conditions.
4. Business and Operational Overview
Founded in 2016, Einride operates an AI-powered freight platform across North America, Europe and the Middle East with 30 customers in seven countries. It has driven over 14.9 million electric miles, executed 460,000 shipments and abated more than 26 million kg of CO₂e. The company has raised $637 million to date, delivers $49 million of run-rate revenue and holds $92 million of ARR in signed contracts.
