Electric truck company Nikola to acquire battery pack supplier Romeo Power

Nikola Corp. will acquire Romeo Power Inc in an all-stock deal. The all-stock transaction between two manufacturers that went public via blank-check deals in 2020 values Romeo Power at about $144 million, according to a statement Monday. That’s only about 11% of the estimated $1.33 billion value at which California-based Romeo Power agreed to merge with a SPAC.