Nikola Buys Romeo Power for 11% of Battery Maker’s SPAC Valuation

Nikola Corp. will acquire Romeo Power Inc. for a sliver of what the battery maker was worth when it merged with a special purpose acquisition company less than two years ago.

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 roughly $1.33 billion value at which California-based Romeo Power agreed to merge with a SPAC.