10:47 AM EST, 11/12/2025 (MT Newswires) -- Einride will combine with blank-check company Legato Merger Corp. III ( LEGT ) in a deal that values the autonomous freight technology firm at $1.8 billion and paves the way for its debut on the New York Stock Exchange.

The transaction is expected to generate about $219 million in gross proceeds, excluding redemptions of Legato's public shares, transaction costs and further financing, according to a joint statement released Wednesday.

Einride's shareholders are expected to own 83% of the combined company, with its management team continuing to lead post-merger.

The deal is anticipated to complete in the first half of 2026.

"This transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers," Einride Chief Executive Roozbeh Charli said.

Sweden-based Einride said it currently provides services to more than 25 customers across seven countries with its fleet of about 200 electric vehicles. The company said it has a contracted annual recurring revenue base of $65 million and more than $800 million of prospective ARR over the long term.

Einride said it is looking to raise up to $100 million in equity, following a similar amount raised earlier this year from investors including EQT Ventures and NordicNinja.

"We believe that the market fundamentals are strong, the timing is right, and Einride has the operational excellence to capitalize on this massive shift in how goods move around the world," said Eric Rosenfeld, chief SPAC officer at Legato.

Shares of special purpose acquisition company Legato were down 2.6% in Wednesday trading. The stock is up about 5.8% so far this year.

Price: 10.90, Change: -0.28, Percent Change: -2.47