Nikola Corp. is acquiring struggling startup Romeo Power Inc. in a $144 million all-stock deal that Nikola says will assure its supply of battery packs critical to assembling electric trucks.
The transaction exchange ratio implies Romeo’s shares are worth 74 cents each, a 34% premium to its closing price Friday of 55 cents. Romeo shareholders get a 4.5% pro forma ownership of Nikola. The boards of both companies have approved the deal.
The deal potentially preserves up to 400 jobs at Romeo.
“In...
https://www.freightwaves.com/news/nikola-acquires-struggling-romeo-power-to-secure-battery-supply