Pillsbury advised long-time client Nikola Corporation, a global leader in zero-emission transportation and energy infrastructure solutions, in its $144 million all-stock acquisition of battery supplier, Romeo Power, Inc.

Nikola has been named Romeo’s largest customer and the acquisition will allow for considerable operational improvement along with cost reduction in battery pack production. Romeo focuses on designing and producing lithium-ion battery components for commercial vehicle applications, and the Cypress, California headquarters is intended to become Nikola’s Battery Center of Excellence.

According to a company press release, the transaction is expected to yield annual cost savings up to $350 million by 2026.

The Pillsbury deal team was led by Emerging Growth & Venture Capital partner Stan Pierson and included Corporate partners Gabriella Lombardi and Jarrod Murphy, senior counsel George Willman, counsel Drew Simon-Rooke and associate Natalie Jonsson, Insolvency & Restructuring partner Joshua Morse, Finance partners Joel Simon and Veronica Relea, Antitrust partner Michael Sibarium, Employee Compensation & Benefits partner Cindy Schlaefer and counsel Colleen Lamarre along with Tax partner Brian Wainwright and Litigation attorney Evan Storm.

To read more about Pillsbury’s previous work with Nikola, click here, here, and here.

Click here to read the full press release.