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Tesla to acquire Maxwell Technologies

Mon, 02/11/2019 - 00:00 -- John Shepherd
Dr Franz Fink

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.

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