EVgo Inc. (EVGO) · Nov 2, 2026 · Acquisition
$2.00 take-private proposal — $2.00 cash per Class A share; LS Power holds ~56% voting power
EVgo received a $2-per-share acquisition proposal from controlling shareholder LS Power. The bid is nonbinding, leaving the special committee to negotiate—or reject it.
EVgo is still in expansion mode, building out a nationwide fast-charging network while trying to convert network growth into better operating economics; its latest reported backdrop included 19% charging-network revenue growth and 2026 revenue guidance of $410–$470 million.
The ownership story has abruptly shifted from public-company growth to a possible take-private. LS Power offered $2.00 cash for the Class A shares it does not already own.
The bid is concrete, but not yet a transaction. EVgo formed an independent special committee with authority to hire legal and financial advisers, while explicitly saying that no response or definitive agreement has been decided. 〔0〕
LS Power’s control makes this a serious process, but also limits the range of outcomes. It already holds approximately 56% of the combined voting power, and its proposal says it will not proceed without a recommendation from the special committee. 〔1〕 〔2〕 That creates a formal path toward a negotiated deal, but the filing provides no assurance on price, terms, timing, approval, or completion.
Bottom line: This is a meaningful new strategic fork for EVgo, not an operating update: LS Power has put a cash take-private proposal on the table, but the business remains publicly owned unless the special committee turns it into a definitive agreement.
Special committee review and potential definitive merger agreement
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