Adrian J Cotterill, Editor-in-Chief
Volta Inc (VLTA.N) said on Wednesday that a unit of Shell Plc (SHEL.L) would take over the electric vehicle charging network operator in an all-cash deal valued at about USD 169 million.
Shell USA Inc will acquire all outstanding shares of Class A common stock of Volta for 86 cents apiece in a deal that is expected to close in the first half of the year.
Volta, which has been ‘troubled’ of late, went public back in 2021 through a merger with blank-check firm Tortoise Acquisition Corp II.
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