Nikola to Buy Battery Maker Romeo Power for $144 Million

Electrical-truck startup Nikola mentioned it has agreed to purchase battery-technology firm Romeo Power in an all-stock deal that values Romeo at roughly $144 million.

Nikola mentioned the deal would give it management over the battery-pack engineering and manufacturing processes, a important bottleneck for electric-car makers. Romeo, which provides batteries for Nikola’s automobiles, had earlier warned of its potential to remain afloat.