Einride Merger with Legato Enables Nasdaq Listing with $213M PIPE, $1.35B Valuation
LEGT•Einride will merge with Legato Merger Corp. III and list on Nasdaq after a June 4 shareholder vote, bringing $213 million in committed financing. The deal values Einride at $1.35 billion pre-money (pro forma enterprise value of $1.51 billion) and injects ~$264.5 million cash.
1. Merger overview
Einride Cayman Sub Limited will merge with Legato Merger Corp. III to form a Nasdaq-listed company pending a June 4 shareholder vote by record holders as of May 7. Upon closing, Legato III will cease and its public shares will convert into Einride equity.
2. Financing details
The transaction includes a $113.3 million PIPE led by EQT Ventures and a U.S. asset manager, plus $100 million of previously arranged crossover financing, totaling $213.3 million in committed capital. Combined with $187.2 million of trust cash and after estimated expenses, the deal is expected to add approximately $264.5 million to the balance sheet at closing.
3. Valuation and ownership
The merger values Einride at a $1.35 billion pre-money equity value and implies a pro forma enterprise value of $1.51 billion. Post-closing ownership is set at around 77.9% for existing Einride shareholders, 10.4% for SPAC public investors and 8.7% for PIPE participants.
4. Business operations
Einride operates an AI-driven electric and autonomous freight platform serving 30 customers across North America, Europe and the Middle East, boasting 14.9 million electric miles, 460,000 shipments, over $49 million run-rate revenue and $92 million in ARR from signed contracts. The platform supports global expansion with technology deployments and a three-year quantum optimization partnership exploring 15 use cases.
