Volta Industries and Tortoise Acquisition Corp. II Announce Planned Merger
Vinson & Elkins advised Tortoise Acquisition Corp. II, a publicly traded special purpose acquisition company with a strategic focus on energy sustainability and decarbonizing transportation, in connection with the announcement of its planned merger with Volta Industries, Inc. (“Volta”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks.
Upon the closing of the transaction, the combined entity will be named Volta Inc. and remain on the New York Stock Exchange under the new ticker symbol “VLTA.” The pro forma equity value of the combined company is expected to exceed $2 billion at the $10.00 per share PIPE price and assuming minimal redemptions by Tortoise Acquisition Corp. II public shareholders. The funds will be used to further accelerate Volta’s efforts to continue to grow and unlock the value of its contract portfolio, as well as increasing its investment in product, engineering and network charging infrastructure.
The V&E team was led by partners Ramey Layne and Brenda Lenahan and senior associates Stancell Haigwood and Andrew Schulte with assistance from partner Caroline Phillips and associates Matt Hortenstine, Kelly Reddington, Julie Bontems, Elisie Lee, Alice Zhang, Wade Barfield and Libby Gerstner. Also advising were partner Jason McIntosh, senior associate Brian Russell and associate Lauren Nieman; partner David D’Alessandro, senior associate Missy Spohn and associate Maddison Riddick; partner Sean Becker and associate Peter Goetschel; partner Devika Kornbacher, senior associate Ben Cukerbaum and associate Briana Falcon; partner Maggie Peloso and associates Austin Pierce and Kelly Rondinelli; counsel Sarah Mitchell; partner Brett Santoli and senior associate Michael Makhotin; and partner Hill Wellford and senior associate Ryan Will.
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