LS Power Offers $2.00/Share Cash to Buy Out EVgo Minority Holders
EVGO sits 25% above its 52-week low of $0.98.
Summary
EVgo's controlling shareholder LS Power proposed buying all Class A shares it does not already own for $2.00 per share in cash, a 59% premium to the October 30 close. The offer is non-binding and contingent on a special committee's recommendation.
Key Events · M&A and Partnerships · EVGO
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LS Power Proposes $2.00 Cash Buyout
LS Power Equity Advisors delivered a letter to EVgo's board proposing to acquire all outstanding Class A shares not owned by LS Power for $2.00 per share in cash.
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Offer Priced at 59% Premium
The $2.00 price represents a 62% premium to the 30-day VWAP as of October 30, 2026 and a 59% premium to the October 30 closing price.
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Controlling Holder Owns ~56%
LS Power holds roughly 178 million Class A and Class B shares, about 56% of EVgo's outstanding voting securities, and says it has no interest in selling its stake or backing an alternative change of control.
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Special Committee Condition
LS Power expects a fully empowered special committee of independent, disinterested directors to evaluate the proposal and will not proceed unless that committee recommends it; the proposal is non-binding and may be withdrawn at any time.
Analysis · EVGO · Trade & Services
LS Power, which already controls roughly 56% of EVgo's voting power, wants to buy every Class A share it does not own for $2.00 in cash — a 59% premium to the October 30 closing price and 62% above the 30-day VWAP. This take-private offer from the controlling shareholder resets the entire investment case: the stock's value now hinges on deal probability rather than on charging-network growth or the widening losses reported in Q2. Because the offer is explicitly non-binding, requires a special committee of independent directors to recommend it, and LS Power says it will not sell its stake or entertain a rival change of control, minority holders have one buyer and no competing bid to play against. The key risk is that no deal happens at all: LS Power reserves the right to withdraw or modify the proposal at any time, and no obligation exists until definitive agreements are signed.
At the time of this filing, EVGO was trading at $1.23 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $396.3M. The 52-week trading range was $0.98 to $4.11. This filing was assessed with positive market sentiment and an importance score of 10 out of 10.