Orrick Advises Volta on $1.4 Billion SPAC Merger

February.09.2021

We are advising Volta Industries, an electric vehicle charging station operator, on its anticipated business combination with Tortoise Acquisition Corp. II (NYSE: SNPR), a publicly traded special purpose acquisition company. Upon the closing of the proposed 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 enterprise value of the combined company is expected to be approximately $1.4 billion. 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. Completion of the proposed business combination is subject to, among other things, approval of the shareholders of Tortoise Acquisition Corp. II and other customary closing conditions.

The Orrick team advising Volta is led by Amanda Galton and includes Hari Raman, Albert Vanderlaan, Brian Blood, Maria Bergenhem, Katherine Hogan, Steven Malvey, Jason Flaherty, Christine McCarthy, Michelle Visser, Rebecca Vastola, Brian Bloomer, Mark Mushkin, Jake Routhier, Brandon Sanders, Sara Chehrehsa and Taylor Ball.