The transaction brings Volta's powerful dual charging and media network to Shell's established brand and seeks to unlock robust, long-term growth opportunities in EV charging.
Under the terms of the merger agreement, Shell USA will acquire all outstanding shares of Class A common stock of Volta at US$0.86 per share in cash upon completion of the merger, which represents an approximate 18% premium to the closing price of Volta stock on 17 January 2023, the last full trading day prior to the announcement of the transaction.
"The shift to e-mobility is unstoppable, and Shell recognises Volta's industry-leading dual charging and media model delivers a public charging offering that is affordable, reliable, and accessible,” said Vince Cubbage, Volta interim CEO. "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."
The companies say the acquisition builds on the momentum in electric mobility by combining one of the leading EV charging and media companies in the US with one of the world's largest energy suppliers. They adds that the transaction provides the opportunity to unlock Volta's significant signed pipeline of charging stalls in construction or evaluation and capture the seismic EV charging market opportunity. Following the completion of the transaction, there will be no immediate change in driver experience, Volta Media Network capabilities available to advertisers, or services provided to commercial properties and retail locations.
Volta's board of directors, having determined that the transaction is in the best interests of the company's stockholders, has unanimously approved the transaction and recommends that Volta's stockholders approve the transaction and adopt the merger agreement at the special meeting of stockholders to be called in connection with the transaction.
