Einride to go public via SPAC through merger with Legato Merger Corp. III

Swedish-based Einride announced Wednesday plans to go public via a special purpose acquisition company through a merger with Legato Merger Corp. III. The company, headquartered in Stockholm, specializes in both electric and self-driving vehicles. 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 expenses.

Founded in 2016 and headquartered in Stockholm, Einride was an early pioneer in the freight technology sector with operations across seven countries. The company’s accolades include being first globally to receive permits for cabless heavy-duty autonomous vehicle operations on public roads in 2019 in Europe and in 2022 in the United States, while maintaining zero traffic incidents across all operations.

According to the release, the company serves more than 25 enterprise customers, manages a fleet of approximately 200 electric vehicles, and has advanced autonomous 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. Existing shareholders of Einride are expected to own approximately 83% of the pro forma equity after closing, assuming the company raises a planned $100 million PIPE investment.

“Today marks a defining moment for Einride and for the future of freight technology,” said Roozbeh Charli, CEO of Einride, in a press release. “We’ve proven the technology, built trust with global customers, and shown that autonomous and electric operations are not just possible, but better. This Transaction positions us to accelerate our global expansion and continue to deliver with speed and precision for our customers.”

Einride’s two-pronged business approach focuses on both a Freight-Capacity-as-a-Service (FCaaS) and Software-as-a-Service (SaaS) model powered by its proprietary AI platform. This platform encompasses the entire ecosystem needed for electric and autonomous operations, from charging infrastructure optimization to battery management systems.

The company’s growth platform includes a contracted ARR base of $65 million and over $800 million in potential long-term ARR through joint business plans with customers. Einride is also deepening its commitment to the United States, which represents its second-largest market, with plans to expand its American footprint to better serve U.S. customers.

Part of that growth includes building on its U.S. headquarters in Austin, Texas. The company plans to invest in accelerating deployment of autonomous systems, establishing domestic hardware supply chains, bolstering R&D efforts, and creating jobs across key logistics and technology hubs.

Einride’s vehicles have logged, to date, over 1,700 driverless hours in contracted customer operations, more than 11 million electric miles driven, and over 350,000 executed shipments. With a current run-rate annual recurring revenue (ARR) of approximately $45 million and a total contracted base of $65 million ARR, the company believes that it has achieved strong validation from blue-chip global transport buyers.

“This transaction with Einride aligns with our vision to bring industry-leading, innovative technology to the public markets,” added Eric Rosenfeld, chief SPAC officer of Legato. “Einride’s proven customer relationships, regulatory achievements, and technology platform position the Company to be a leader in the transformation of the freight industry.”

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