Volta Agrees To Be Acquired By Shell USA For $169M
$SHEL
$VLTA
Oil & Gas Production
Energy
Catalog/Specialty Distribution
Consumer Discretionary
- Volta Inc (NYSE:VLTA) has agreed to be acquired by Shell USA Inc, a subsidiary of Shell plc (NYSE:SHEL), in an all-cash transaction valued at approximately $169 million.
- Under the terms of the merger agreement, Shell USA Inc. will acquire all outstanding shares of Volta at $0.86 per share in cash.
- The offer represents an approximate 18% premium to the closing price of Volta stock on January 17, 2023.
- The transaction brings Volta's dual charging and media network to Shell's established brand and seeks to unlock long-term growth opportunities in electric vehicle (EV) charging.
- "The shift to e-mobility is unstoppable, and Shell recognizes Volta's industry-leading dual charging and media model delivers a public charging offering that is affordable, reliable, and accessible," said interim CEO Vince Cubbage.
- The transaction is expected to close in the first half of 2023.
- Upon closing, Volta's Class A common stock will no longer be listed on any public market.
- Price Action: VLTA shares are trading higher by 17.89% at $0.8572 on the last check Wednesday.
- Photo Via Wikimedia Commons