Shell USA will acquire Volta in an all-cash transaction valued at approximately $169 million. The companies say the transaction brings Volta’s dual charging and media network to Shell’s established brand and seeks to unlock long-term growth opportunities in electric vehicle (“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, which represents 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.

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, the companies say.