Nikola has agreed to acquire Romeo Power in a $144 million all-stock transaction.
The move will increase Nikola’s vertical integration and is expected to result in significant savings over the next few years.
The all-stock transaction values Romeo at 74 cents per share, a 34% premium to Romeo’s closing price Friday. Romeo’s shares were up about 23% to 68 cents in premarket trading after the news was released. -CNBC