Sweden-based Einride announced on Wednesday that it plans to acquire through a special purpose vehicle through a merger with Legato Merger Corp. III, to be publicly available. Headquartered in Stockholm, the company specializes in electric and self-driving cars. The transaction, which values Einride at $1.8 billion in pre-money equity, is expected to provide approximately $219 million in gross proceeds before accounting for potential redemptions and transaction costs.
Founded in 2016 and headquartered in Stockholm, Einride was an early pioneer in the transportation technology sector with operations in seven countries. The company’s accolades include being the first globally to be licensed to operate heavy duty autonomous vehicles on public roads in 2019 in Europe and in 2022 in the US, while maintaining no traffic accidents throughout the operations.
According to the release, the company serves more than 25 enterprise customers, manages a fleet of 200 electric vehicles, and has advanced automation deployments with customers including GE Appliances and Apotea, Sweden’s leading online pharmacy.
The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals. Einride’s existing shareholders are expected to own approximately 83% of the outstanding shares after closing, assuming the company raises a planned $100 million PIPE investment.
“Today is a defining moment for Einride and the future of transportation technology,” Einride CEO Rosebe Charlie said in a press release. We have proven the technology, built trust with global customers and shown that automated and electric operations are not only possible, but better. This transaction will enable us to accelerate our global expansion and continue to deliver speed and accuracy to our customers.”
Einride’s two-pronged business approach is focused on both Freight-Capacity-as-aa-Service (FCaaS) and Software-as-a-Service (SaaS) models, powered by its proprietary AI platform. The platform encompasses the entire ecosystem required for electric and autonomous operations, from optimizing charging infrastructure to battery management systems.
The company’s growth platform includes a contract base of $65 million in ARR and over $800 million in potential long-term ARR through joint business initiatives with customers. Einride is also deepening its commitment to the US, its second largest market, and plans to expand its American footprint to better serve US customers.
Part of that growth includes construction at the US headquarters in Austin, Texas. The company plans to invest in accelerating the deployment of autonomous systems, building internal hardware supply chains, strengthening research and development efforts, and creating jobs in key logistics and technology centers.
To date, Einride vehicles have logged more than 1,700 driverless hours in contract customer operations, more than 11 million electric miles driven and more than 350,000 shipments. With an annual recurring revenue run rate (ARR) of approximately $45 million and a total contract ARR of $65 million, the company believes it has earned strong validation from global blue-chip shipping buyers.
“This transaction with Einride aligns with our vision to bring industry-leading and innovative technology to the public markets,” added Eric Rosenfeld, CEO of SPAC Legato. “Einride’s proven customer relationships, regulatory achievements and technology platform make it a leader in transforming the transportation industry.”
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