EV charging network company Volta and Tortoise Acquisition II today announced they intend to merge.
The pro forma equity value of the combined company is expected to exceed $2 billion at the $10 per share PIPE price and assuming minimal redemptions by Tortoise II public shareholders.
Anticipated net proceeds of approximately $600 million will be used to accelerate Volta’s buildout of its charging network already in the pipeline. This includes an upsized $300 million fully committed PIPE anchored by institutional investors including funds and accounts managed by BlackRock, Fidelity Management & Research Company, and Neuberger Berman Funds.
Upon closing, the combined entity will be named Volta and remain on the NYSE under VLTA. Read more.
