Wallbox’s $1.5 Billion Merger with Kensington Capital Acquisition Corp. II

Latham & Watkins LLP and Loyens & Loeff represented Wallbox, while Cuatrecasas, Hughes Hubbard & Reed and Houthoff represented Kensington Capital Acquisition Corp. II in the transaction.

Wall Box Chargers, S.L. (Wallbox), a leading provider of electric vehicle (EV) charging solutions, and Kensington Capital Acquisition Corp. II (Kensington; KCAC II), a special purpose acquisition company, have announced a definitive agreement for a business combination that will result in Wallbox becoming a public company. Upon closing of the transaction, the combined company will be named Wallbox and listed on the NYSE under the new ticker symbol “WBX”. 

The transaction is expected to be completed in the third quarter of 2021, with Wallbox obtaining financing for USD 330 million, including a private investment in a public equity (PIPE) of USD 100 million.

KCAC II is led by Mirro and a team of auto industry veterans. Formed in 2015 by Mirro, Kensington invests in automotive and industrial companies, and publishes The Motor Weekly newsletter.

Established in 2015 and headquartered in Barcelona, Wallbox has sold over 100,000 EV charging units for residential, semi-public and public usage in over 60 countries worldwide. The company, which collaborates with several high-profile brands including Ford, Mercedez-Benz and BMW, employs over 500 staff across nine offices in Europe, Asia and the Americas.

Latham & Watkins LLP represented Wallbox in the transaction, with a corporate deal team led by Houston partner Ryan Maierson (Picture), Madrid partners Jose Antonio Sánchez-Dafos and Ignacio Gómez-Sancha and New York partner Ian Schuman, with New York associate Kaj Nielsen and Madrid associates Maria Pilar Villanueva, Rafael Martínez-Echevarría, and Celia Vega-Penichet. Advice was also provided on tax matters by Madrid partners Jordi Domínguez and Iván Rabanillo and Houston partners Jim Cole and Tim Fenn, with Madrid associate Juan Rodríguez and Houston associate Mike Rowe; and on benefits and compensation matters by New York partner Bradd Williamson with New York associate Max Raskin; on data privacy and intellectual property matters by London partners Deborah Kirk and Fiona Maclean and New York partner Jeffrey Tochner, with London associate Jane Bentham; and on CFIUS related matters by Washington, D.C. partner Les Carnegie, with Washington, D.C. associate Zachary Eddington.

Cuatrecasas, Hughes Hubbard & Reed and Houthoff advised Kensington. The Cuatrecasas team included Antonio Baena, Pere Kirchner, Roger Freixes, Javier Rodriguez, Dèlcia Capocasale, Álvaro Bourkaib, Juan Bonilla, Juan Carlos Hernanz and Andrew Ward.

The HHR team was led by Chuck Samuelson and also included Ken Lefkowitz, Andy Braiterman, Alan Kravitz, Gary Simon, Charlie Wachsstock, Robert Bell, Jenny Graham, Javad Husain, Jim Klaiber, Richard Koehl and Carol Remy, Justin Cohen, Andrew Herman, Jiayin Liao, Kristin Millay and Alexander Rahn.

Houthoff’s team included Alexander Kaarls, Paul de Vries, Jeroen van Mourik, Guillette van Grinsven, Barbara Nederhof and Marijn van Horen.

The Loyens & Loeff team was led by Michel van Agt and Roel Fluit, together with Loesje Hoeke, Gearte Sijens (corporate), Martijn Schoonewille (capital markets), Roderik Beckers, Robert Veenhoven and Wouter van der Leij (tax). 

Involved fees earner: Andrew Ward – Cuatrecasas; Antonio Baena – Cuatrecasas; Juan Bonilla – Cuatrecasas; Delcia Capocasale – Cuatrecasas; Roger Freixes – Cuatrecasas; Juan Carlos Hernanz – Cuatrecasas; Pere Kirchner – Cuatrecasas; Javier Rodríguez – Cuatrecasas; Loesje Hoeke – Fieldfisher; Paul de Vries – Houthoff; Alexander Kaarls – Houthoff; Barbara Nederhof – Houthoff; Guillette van Grinsven – Houthoff; Marijn van Horen – Houthoff; Jeroen van Mourik – Houthoff; Robert Bell – Hughes Hubbard & Reed; Andy Braiterman – Hughes Hubbard & Reed; Justin Cohen – Hughes Hubbard & Reed; Jennifer Graham – Hughes Hubbard & Reed; Andrew Herman – Hughes Hubbard & Reed; Javad Husain – Hughes Hubbard & Reed; James Klaiber – Hughes Hubbard & Reed; Richard Koehl – Hughes Hubbard & Reed; Alan Kravitz – Hughes Hubbard & Reed; Kenneth Lefkowitz – Hughes Hubbard & Reed; Jiayin Liao – Hughes Hubbard & Reed; Kristin Millay – Hughes Hubbard & Reed; Alexander Rahn – Hughes Hubbard & Reed; Carol Remy – Hughes Hubbard & Reed; Charles Samuelson – Hughes Hubbard & Reed; Gary Simon – Hughes Hubbard & Reed; Charles Wachsstock – Hughes Hubbard & Reed; Jane Bentham – Latham & Watkins; Les Carnegie – Latham & Watkins; Jim Cole – Latham & Watkins; Maria del Pilar Villanueva – Latham & Watkins; Jordi Dominguez – Latham & Watkins; Zachary Eddington – Latham & Watkins; Timothy Fenn – Latham & Watkins; Ignacio Gómez-Sancha – Latham & Watkins; José Antonio Sánchez-Dafos – Latham & Watkins; Deborah Kirk – Latham & Watkins; Fiona Maclean – Latham & Watkins; Ryan Maierson – Latham & Watkins; Rafael Martínez-Echevarría Ozámiz – Latham & Watkins; Kaj Nielsen – Latham & Watkins; Ivan Rabanillo – Latham & Watkins; Max Raskin – Latham & Watkins; Juan Rodríguez – Latham & Watkins; Michael Rowe – Latham & Watkins; Ian Schuman – Latham & Watkins; Jeffrey Tochner – Latham & Watkins; Celia Vega-Penichet – Latham & Watkins; Bradd Williamson – Latham & Watkins; Roderik Beckers – Loyens & Loeff; Roel Fluit – Loyens & Loeff; Martijn Schoonewille – Loyens & Loeff; Gearte Sijens – Loyens & Loeff; Michel van Agt – Loyens & Loeff; Wouter van der Leij – Loyens & Loeff; Robert Veenhoven – Loyens & Loeff; Álvaro Bourkaib – Uria Menendez;

Law Firms: Cuatrecasas; Fieldfisher; Houthoff; Hughes Hubbard & Reed; Latham & Watkins; Loyens & Loeff; Uria Menendez;

Clients: Kensington Capital Acquisition Corp. II; Wallbox Chargers;