Nikola Corporation (NASDAQ: NKLA), and Romeo Power, Inc. (NYSE: RMO), have announced they have entered into a definitive agreement in which Nikola, a global leader in zero-emissions transportation and energy infrastructure solutions, will acquire Romeo, an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, in an all-stock transaction. The proposed exchange ratio implies a consideration of US$0.74 per Romeo share and represents an approximately 34% premium to Romeo’s July 29, 2022 closing share price and values 100% of Romeo’s equity at approximately US$144 million.

Latham & Watkins LLP represents Romeo Power in the transaction with a corporate deal team led by New York partners David Allinson and Leah Sauter, with associates Sašo Kraner, Kyle Adams, Junhan Zhang, and Charles Shier. Advice was also provided on financing matters by New York partner Stephanie Teicher, with associates Ashley Rose and Melissa Doura; on benefits and compensation matters by New York partner Jennifer Pepin, with associate Juliet Rognlie; on labor and employment matters by Chicago partner Nineveh Alkhas, with associate Laura Waller; on tax matters by Washington, D.C. partner Andrea Ramezan-Jackson, with associate Robert Christoffel; on environmental matters by New York partner Jean-Philippe (JP) Brisson and Los Angeles counsel Michael Dreibelbis, with associate Jim Lambert; on antitrust matters by Washington, D.C. partners Mandy Reeves and Farrell Malone and Washington, D.C. counsel Peter Todaro, with associates Evan Omi and Meiran Yin; on intellectual property matters by New York partner Steven Betensky; on SEC litigation matters by New York partners Robert Hotz and Jason Hegt, with associates Morgan Whitworth and Brittany Ehardt; on Delaware litigation matters by New York partner Blair Connelly and Orange County partner Kristin Murphy; and on capital markets matters by New York associates David Califano and Christian Vazquez.