Volta Inc. (NYSE:VLTA), which completed a combination with Tortoise Acquisition Corp. II in August 2021, announced this morning that it has agreed to be acquired by Shell, a subsidiary of Shell plc (NYSE: SHEL), in an all-cash transaction at $0.86 per share.
The price tag marks a premium of approximately 18% to Volta’s last close at $0.72 per share and the company’s VWAP of $0.73. The transaction is valued at approximately $169 million, approximately 5x VLTA’s 2023E EBITDA. But, Tortoise II originally struck its combination with the EV charge station-maker Volta at an enterprise value of $1.4 billion back in February 2021.
Volta makes consumer vehicle charging stations designed for prime locations as a visitor-draw and advertising space in addition to powering up EVs on the road. It recently saw its third-quarter 2022 revenue increase 69% year-over-year to $14.4 million from $8.5 million in 2021.
The press release notes that the Shell’s acquisition will provide Volta the opportunity to unlock the company’s signed pipeline of charging stalls in construction and capture the large EV charging market. While the EV infrastructure market opportunity is seeing continuous growth, Volta’s ability to capture it on its own was limited, especially when considering unfavorable market conditions and ongoing capital restraints. Following the completion of the transaction, there will be no immediate changes to Volta regarding driver experiences, capabilities available to advertisers, or services provided to commercial properties and retail locations.
As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge the company through the closing of the transaction.
Only one of the two SPACs holding completion votes on major deals yesterday has released its results, but investors have reacted in real time by buying up shares in each despite both of their host exchanges being overall down on the day. AltC (NYSE:ALCC) secured shareholder approval for its combination with nuclear fission firm Oklo...
At the SPAC of Dawn The results are in for the first of yesterdays’ two big completion votes, and it appears set to finish with one of the best redemption results of any completion vote over the last two years. Only two SPACs have gotten all the way through their de-SPACing process since January 1,...
Rare earth miner Critical Metals (NASDAQ:CRML) dropped a new presentation today, providing its most significant update since completing its combination with Sizzle in February. The document points to 2024 being a potentially pivotal year for the firm as it cleared major development hurdles in getting preparing the ground for its Wolfberg lithium mine in Austria,...
At the SPAC of Dawn Today is the busiest day for SPACs in at least a month as three SPACs will hold extension votes and three more are seeking deal approval. Those completion votes will each bear watching and they include two of the most prominent deals of the past six months. Screaming Eagle (NASDAQ:SCRM)...
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...