Shell USA acquires Volta's dual charging and media network

Volta today announced the execution of a definitive merger agreement under which Shell USA will acquire Volta in an all-cash transaction valued at approximately $169 million. 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 Inc. will acquire all outstanding shares of Class A common stock of Volta at $0.86 per share in cash upon completion of the merger, which represents an approximate 18 percent premium to the closing price of Volta stock on January 17, 2023, the last full trading day prior to the announcement of the transaction. 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.