Shell USA, Inc. and Volta Inc. sign a definitive merger agreement
Jan 18, 2023
Houston − Shell USA, Inc., a subsidiary of Shell plc, has signed a definitive agreement to acquire 100% of the outstanding shares of Class A common stock of Volta Inc. (NYSE: VLTA) (Volta) in an all-cash transaction valued at approximately USD $169 million.
Volta’s assets include an existing public EV charging network of over 3,000 charge points at destination sites (shopping centers, grocery stores, pharmacies, etc.) across 31 U.S. states and territories, a development pipeline of more than 3,400 additional charge points, and capabilities to continue developing, operating, and monetizing EV charging infrastructure.
Beyond providing a charging service, Volta specializes in generating advertising revenues from screens embedded into the charge point. Volta’s advertising capability and early mover advantage have allowed the company to secure prime spots and portfolio-level contracts with site hosts in high-value, high-traffic markets.
The transaction is expected to close in the first half of 2023, subject to shareholder and regulatory approval.
Notes to editors
- Under the terms of the merger agreement, Shell USA, Inc. will acquire all outstanding shares of Class A common stock of Volta for an equity purchase price of approximately USD $169 million / $0.86/share in cash upon completion of the merger agreement. At close, Shell will also repay Volta’s 3rd party debt, estimated at USD $14 million. As part of the transaction, an affiliate of Shell USA, Inc. will provide subordinated secured term loans to Volta to bridge Volta through the closing of the transaction.
- The closing of the merger is subject to the approval of Volta's stockholders, the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other applicable regulatory approvals and customary closing conditions.
- Subject to shareholder and regulatory approval, Volta will be a wholly owned subsidiary of Shell USA, Inc.
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