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Shares of electric vehicle charging company Volta Inc (NYSE:VLTA) are trading higher Wednesday after the company announced it will be acquired by Shell USA, a subsidiary of Shell PLC (NYSE:SHEL).
What Happened: Volta entered into a definitive merger agreement under which Shell USA will acquire the company in an all-cash transaction valued at approximately $169 million. The transaction aims to unlock long-term growth opportunities in the electric vehicle charging space.
Upon completion of the merger, Shell will acquire all outstanding shares of Volta for 86 cents per share in cash.
"While the EV infrastructure market opportunity is potentially enormous, Volta's ability to capture it independently, in challenging market conditions and with ongoing capital constraints, was limited. This transaction creates value for our shareholders and provides our exceptional employees and other stakeholders a clear path forward," said Vince Cubbage, interim CEO of Volta.
As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge the company through the closing of the transaction.
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VLTA Price Action: Volta has a 52-week high of $5.80 and a 52-week low of 30 cents per share.
The stock was up 20.1% at 87 cents at time of publication, according to Benzinga Pro.
Photo: A. Krebs from Pixabay.
