Volta Inc. To Be Acquired By Shell USA, Inc. For ~169M In Cash

Author: Benzinga Newsdesk | January 18, 2023 09:01am

Volta Inc. (NYSE:VLTA) today announced the execution of a definitive merger agreement under which Shell USA Inc., a subsidiary of Shell plc (NYSE:SHEL), will acquire Volta in an all-cash transaction valued at approximately $169 million. The transaction brings Volta's powerful dual charging and media network to Shell's established brand and seeks to unlock robust, long-term growth opportunities in electric vehicle ("EV") charging.

Under the terms of the merger agreement, Shell USA Inc. will acquire all outstanding shares of Class A common stock of Volta at $0.86 per share in cash upon completion of the merger, which represents an approximate 18 percent premium to the closing price of Volta stock on January 17, 2023, the last full trading day prior to the announcement of the transaction.

Posted In: SHEL VLTA