Tortoise Acquisition II in an 8-K filing today included an investor presentation on its pending merger with Volta, which operates an EV charging network.
Announced in February, the pro forma enterprise value of the transaction is estimated to be $1.4 billion.
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.
Pending regulatory and shareholder approvals, upon closing Volta will trade on the NYSE under VLTA. Read more.
