Shell unit to acquire EV charging firm Volta for about $169 million
FILE PHOTO: A view shows a board with the logo of Shell at the company's fuel station in Saint Petersburg, Russia May 6, 2022. REUTERS/Anton Vaganov/File Photo
Volta Inc said on Wednesday that a Shell Plc subsidiary would take over the electric vehicle (EV) charging network operator in an all-cash deal valued at about $169 million.
Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in cash in a deal that is expected to close in the first half of the year, Volta said.
Shell and other companies such as France's EDF and Norway's Statkraft have been investing in EV charging infrastructure to cash in on the growing demand for EVs.
As part of the deal, Shell USA will also provide loans to Volta to help the company through the closing of the deal.
Volta's shares rose 18 per cent to 86 cents in premarket trade.
Goldman Sachs and Barclays Capital served as advisers to Volta, while Shearman & Sterling LLP served as its legal adviser.
