Volta Industries to go public via $SNPR spac company
Volta Industries, Inc. and Tortoise Acquisition Corp. II Announce Planned Merger Combined Company to Remain on the NYSE
Volta is a leading owner - operator of public electric vehicle charging infrastructure that is prominently located in places where drivers live, work, shop and play.
Pro Forma enterprise value of the transaction is estimated to be $1.4 billion.
Anticipated net proceeds of approximately $600 million (assuming minimal redemptions) will be used to accelerate Volta's buildout of its charging network already in the pipeline. This includes an upsized $300 million fully committed private placement of common stock in the combined company (the "PIPE"). The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, Fidelity Management & Research Company, LLC and Neuberger Berman Funds.
- Volta's significant contract portfolio of real estate and retail partners (including Ahold Delhaize, Brookfield, Regency and others), as well as the company's iconic installations at the United Center and Dignity Health Arena as examples, highlight Volta's market leading position in convenience, high-accessibility public charging.
- Existing Volta securityholders will roll 100% of their equity in the transaction and are expected to own approximately 64% of the company upon transaction close.
- Pro forma implied equity value of the combined company of over $2 billion, at the $10.00 per share PIPE price and assuming minimal redemptions by Tortoise Acquisition Corp. II public shareholders. The transaction is expected to close late in the second quarter of 2021
finance.yahoo.com/news/volta-industries-inc-tortoise-acquisition-115600815.html
Volta is a leading owner - operator of public electric vehicle charging infrastructure that is prominently located in places where drivers live, work, shop and play.
Pro Forma enterprise value of the transaction is estimated to be $1.4 billion.
Anticipated net proceeds of approximately $600 million (assuming minimal redemptions) will be used to accelerate Volta's buildout of its charging network already in the pipeline. This includes an upsized $300 million fully committed private placement of common stock in the combined company (the "PIPE"). The PIPE is anchored by institutional investors including funds and accounts managed by BlackRock, Fidelity Management & Research Company, LLC and Neuberger Berman Funds.
- Volta's significant contract portfolio of real estate and retail partners (including Ahold Delhaize, Brookfield, Regency and others), as well as the company's iconic installations at the United Center and Dignity Health Arena as examples, highlight Volta's market leading position in convenience, high-accessibility public charging.
- Existing Volta securityholders will roll 100% of their equity in the transaction and are expected to own approximately 64% of the company upon transaction close.
- Pro forma implied equity value of the combined company of over $2 billion, at the $10.00 per share PIPE price and assuming minimal redemptions by Tortoise Acquisition Corp. II public shareholders. The transaction is expected to close late in the second quarter of 2021
finance.yahoo.com/news/volta-industries-inc-tortoise-acquisition-115600815.html
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