Shell USA (NYSE: SHEL), a subsidiary of Shell plc (NYSE: SHEL), acquired Volta (NYSE: VLTA), a San Francisco, CA-based electric vehicle charging and media company.
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. The transaction was valued at approximately $169m.
Led by CEO Vince Cubbage, Volta delivers value to site hosts, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. The company’s extensive network leverages its proprietary PredictEV platform, which uses behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure.
Led by Gretchen Watkins (president), Shell is a global energy company with around 87,000 employees in more than 70 countries. The company works to power progress through more and cleaner energy solutions. Shell serves more than 30 million customers at almost 46,000 retail service stations every day. The company’s strategy is to accelerate the transition of our business to net-zero emissions, purposefully and profitably.
FinSMEs
19/01/2023