Volta To Be Acquired By Shell USA In $169 Mln Cash Deal

(RTTNews) - Volta Inc. (VLTA) Wednesday announced a definitive merger agreement to be acquired by Shell USA Inc., a subsidiary of Shell plc. (SHEL) in an all-cash transaction of approximately $169 million. The deal represents around 18 percent premium to the closing of Volta on Tuesday.

Shell USA will acquire Class A common stock of Volta at $0.86 per share in cash. The transaction is expected to close in the first half of 2023 and upon closing, Volta's will no longer be listed on any public market.

The acquisition is expected to add momentum to Shell in segments such as electric mobility, EV charging, and media companies in the U.S. Further, the deal will unlock Volta's signed pipeline of charging stalls in construction or evaluation.

As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge Volta through the closing of the transaction.

Volta's Board has unanimously approved the transaction and recommended stockholders approval.