Shell USA Inc. Announces Plan to Acquire EV Charging Firm in $169 Million Deal

Volta Inc said on Wednesday that a unit of Shell Plc 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 a deal that is expected to close in the first half of the year, Volta said.

Volta, which went public in 2021 through a merger with blank-check firm Tortoise Acquisition Corp II, saw its shares rise over 18% to about 86 cents in morning trade.

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