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Shell USA Inc. has acquired Volta Inc., and this was confirmed by the latter on Wednesday, Jan. 18. The leading electric vehicle charging and media company based in San Francisco, California, said it had signed a definitive merger agreement with the said Shell plc’s subsidiary.
Volta said that the deal would bring its powerful dual charging and media network to Shell's long-established brand. The company hopes that this merger will also give it long-term growth opportunities in the field of EV charging.
The United States-based subsidiary of the British multinational oil and gas company headquartered in London, England, is buying Volta for around $169 million in an all-cash agreement.
As per Reuters, the purchase price include all outstanding shares of Class A common stock, which is equivalent to $0.86 per share. The deal is expected to be completed within the first half of the year. Shell USA agreed to acquire the EV charging firm as it works to keep up with the transition to low-carbon mobility.
Under the agreement, Shell USA will also provide loans to Volta to help it during the process of closing the deal. Barclays Capital and Goldman Sachs acted as Volta’s advisers in the acquisition, while Shearman & Sterling LLP served as its legal adviser.
The EV charging company that installs chargers with large video ad screens at office buildings, grocery stores, and other establishments said its shares increased 18% in premarket trade this week.
"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,” Volta’s interim chief executive officer, Vince Cubbage, said in a press release. “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.”
He added, “This transaction creates value for our shareholders and provides our exceptional employees and other stakeholders a clear path forward. Both Volta and Shell have a demonstrated ability to meet the changing needs of customers, and this acquisition will bring that experience together to provide the options that are needed as more drivers choose electric."
Photo by: Keming Tan/Unsplash
