Tesla is to acquire Maxwell Technologies, in a deal that values the California-based ultracapacitor firm at around US$218 million.
Maxwell said on 4 February the companies had entered into a definite merger agreement under which Tesla would buy the company's 45.9 million shares for $4.75 a share in an all-stock transaction. The deal represented a 55% premium to the share price, which closed at $3.07 on 1 February.
The merger is expected to be finalised in the second quarter of 2019 or shortly after, subject to the successful tender and exchange of shares, regulatory approvals and customary closing conditions.
Maxwell CEO and president Dr Franz Fink (pictured) said the companies had “a common goal of building a more sustainable future… and offers investors the opportunity to participate in Tesla’s mission of accelerating the advent of sustainable transport and energy”.
In 2017, Maxwell increased its foothold in China’s motive industry after signing a definitive agreement with CRRC Qingdao Sifang Rolling Stock Research Institute for the manufacturer of Maxwell’s ultracapacitor-based modules in China.
In the same year, Maxwell completed its acquisition of the assets and business and operating entities of South Korea-based ultracapacitor maker Nesscap Energy.