Apollo SPAC Agrees to Take Solar Lender Sunlight Public (2)

Sunlight Financial LLC, which provides loans to homeowners for rooftop solar panels, has agreed to go public through a merger with a special purpose acquisition company backed by Apollo Global Management Inc.

The deal with blank-check company Spartan Acquisition Corp. II gives Sunlight an implied equity value of about $1.3 billion, according to a statement Monday. As part of the deal, investors including venture capitalist Chamath Palihapitiya, Coatue and funds and accounts managed by BlackRock agreed to invest $250 million through a private stock purchase at $10 per share.

Shares of Spartan surged 35% to $15.89 at 9:53 ...