WilmerHale Advises XL Fleet on Acquisition of Spruce Power

• 9.13.2022

On September 12, 2022, XL Fleet Corp., the leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, announced the acquisition of Spruce Power, the largest privately held owner and operator of residential rooftop solar systems in the U.S. with more than 52,000 subscribers. In connection with the transaction, XL Fleet paid total cash consideration of approximately $58 million and assumed approximately $542 million of debt. In connection with the acquisition, XL Fleet also unveiled its new corporate strategy to provide subscription-based solutions for rooftop solar, battery storage, EV charging and other distributed energy resources.

The WilmerHale legal team advising XL Fleet was led by Andy Alin and Thomas Ward and included Will Myer, Rylee Wells, Virginia Pavlick and Emily Powers on corporate and M&A matters, Justin Ochs, George Shuster and Brendan Catalano on finance matters, Bill Caporizzo and Ben Kelsey on tax matters, Scott Kilgore, Ciara Baker and Madeline Lewis on executive compensation matters, John Wells and Isabel Dai on consumer finance matters, Tom Anderson, Jeff Johnson and Lauren Roberts on intellectual property matters, Dave Gold on environmental matters, Kirk Nahra on privacy matters, Paul Jakubowski and Michael Kaplan on real estate matters, Barry Hurewitz on regulatory matters, Jay Holtmeier on FCPA matters, and Dino Wu on derivative matters.