for $169 million through a subsidiary. The deal, which the companies expect to close in the first half of this year, amounts to 86 cents per share, around 18 percent more than Volta's closing price on Tuesday.
Volta's board of directors approved the deal unanimously, though it still requires the green light from shareholders. It's subject to regulatory approval and other closing conditions too. Shell will provide loans to Volta to give it a hand through the closing of the transaction., Volta had $15.6 million in cash and cash equivalents, compared with $262.2 million at the end of 2021.
"While the EV infrastructure market opportunity is potentially enormous, Volta's ability to capture it independently, in challenging market conditions and with ongoing capital constraints, was limited," Volta interim CEO Vince Cubbage ."Both Volta and Shell have a demonstrated ability to meet the changing needs of customers, and this acquisition will bring that experience together to provide the options that are needed as more drivers choose electric."You can disable notifications at any time in your settings menu.