By Chris Wack


Volta Inc. said Wednesday that it is being bought by Shell USA Inc., a subsidiary of Shell Plc, in an all-cash transaction valued at $169 million.

Volta shares were halted at 75 cents a share in premarket trading.

Under the terms of the deal, Shell USA Inc. will buy all outstanding shares of Volta for 86 cents a share, an 18% premium to the closing price of Volta stock on Tuesday.

As part of the agreement, an affiliate of Shell will provide subordinated secured term loans to Volta to bridge Volta through the closing of the transaction.

The transaction is expected to close in the first half of 2023. Upon closing of the transaction, Volta's Class A stock will no longer be listed on any public market.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

01-18-23 0828ET