This week Epic Ventures, a VC firm in Salt Lake City, closed its 2013 investment of Volta Industries through a purchase of Volta by Tortoise Acquisition Corp. II, a Special Purpose Acquisition Company (SPAC). SPACs are an increasingly popular way to acquire, merge, purchase, or take a company public. SPAC IPOs have surged recently, growing four-fold from 2019 to 2020.
On February 8th, Volta Industries and Tortoise Acquisitions Corp. II announced plans to merge. The pro forma enterprise value of the combined entity is $1.4 billion and the pro forma implied equity value of the combined company is over $2 billion at the $10 per share price, according to regulatory filings with the SEC. Share value jumped 47% on the opening day on news of the merger. Volta—“VLTA” as the combined entity will be listed on the New York Stock Exchange—is expected to net $600 million from the deal. The transaction includes a $300 million investment from BlackRock, Fidelity Management and Research Company LLC, and Neuberger Berman Funds. Volta says it will use the funds to accelerate the build out of the company’s electric vehicle (EV) charging station network, including the development of new AI-driven data mining and international expansion.
Source url: TechBuzz