EVgo's controlling shareholder LS Power has proposed buying the rest of the US electric vehicle fast-charging operator for US$2.00 a share in cash, EVgo said on 2 November 2026.
Why LS Power Equity Advisors is buying EVgo Inc.
EVgo runs more than 1,200 fast-charging locations across 47 states. The proposal from LS Power Equity Advisors would cover all Class A shares that LS Power and its affiliates do not already own.
Deal terms and financing
The proposal is unsolicited and non-binding. LS Power holds about 56% of EVgo's combined voting power. No definitive agreement has been reached and there is no assurance a transaction will follow.
Regulatory approvals and timing
EVgo's board has formed a special committee of independent and disinterested directors, authorised to hire its own legal and financial advisers, to review the proposal.
Market context
LS Power bought EVgo in 2019 and took it public through a SPAC merger in 2021. Its affiliate sold 23 million shares at US$5.00 in December 2024. EVgo shares jumped about 48% to about US$1.87 on the news, 24/7 Wall St reported, and are down 35% this year.
