Shell USA Buying Volta in $169 Million Deal
19 January 2023 - 12:43AM
Dow Jones News
By Chris Wack
Volta Inc. said Wednesday that it is being bought by Shell USA
Inc., a subsidiary of Shell Plc, in an all-cash transaction valued
at $169 million.
Volta shares were halted at 75 cents a share in premarket
trading.
Under the terms of the deal, Shell USA Inc. will buy all
outstanding shares of Volta for 86 cents a share, an 18% premium to
the closing price of Volta stock on Tuesday.
As part of the agreement, an affiliate of Shell will provide
subordinated secured term loans to Volta to bridge Volta through
the closing of the transaction.
The transaction is expected to close in the first half of 2023.
Upon closing of the transaction, Volta's Class A stock will no
longer be listed on any public market.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
January 18, 2023 08:28 ET (13:28 GMT)
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