Volta has announced that it will be acquired by Shell USA as part of a definitive merger agreement carried out in an all-cash transaction.

The EV infrastructure company confirmed that the transaction is valued at approximately $169 million (£136.8 million / €156.6 million). The acquisition will unite Volta’s dual charging and media network with Shell’s brand – a pairing through which the company 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 $0.86 per share in cash upon completion of the merger, representing an approximate 18% premium to the closing price of Volta stock on January 17, 2023 (the last full trading day prior to the announcement of the transaction).

The transaction will further provide the opportunity to unlock Volta’s pipeline of charging stalls in construction or evaluation, while leveraging the market opportunity bought about by EV charging. Following the completion of the transaction, there will be no immediate change in the driver experience, Volta Media Network 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, helping them bridge through the closing of the transaction.