Nikola will acquire Romeo Power for a sliver of what the battery maker was worth when it merged with RMG Acquisition in December 2020.
The all-stock transaction between two manufacturers that went public via blank-check deals in 2020 values Romeo Power at about $144 million, Bloomberg reports. That’s only about 11% of the roughly $1.33 billion value at which California-based Romeo Power agreed to merge with RMG.
Nikola is Romeo’s biggest customer. Read more.
