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Tesla Acquires Maxwell Technologies For Usd218 Million
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American electric auto manufacturer Tesla acquired San Diego-headquartered energy storage maker Maxwell Technologies in an all-stock deal worth USD218 million.
In a press release, Maxwell Technologies stated that Tesla will begin an all stock exchange offer for all the issued and outstand shares of the company, after which Maxwell will be merged with a Tesla arm and become a completely-owned arm of Tesla.
The deal will value each of Maxwell Technologies’ 45.9 million shares at USD 4.75, the press release also added.
Even as there can be no assurances on the closing date, the company expects that the merger will be completed in the second quarter of 2019 after meeting all conditions and timing of the approvals.
Franz Fink, president and chief executive at Maxwell, stated that the company is excited with the present day’s announcement that Tesla has accorded to acquire Maxwell.
Maxwell was represented by DLA Piper outside legal counsel and Barclays Capital served as independent advisor to the company in regard to the deal. Tesla was represented by Wilson Sonsini Goodrich & Rosati as outside legal counsel.
In January, Maxwell officials told investors that it had developed and patented a dry electrode technology that could considerably enhance the driving range and diminish the cost of electric vehicle batteries.
The company also manufactures ultracapacitors that discharge energy faster compared to batteries and regarded as complementing battery technology.
Combined with the energy of batteries, ultracapacitors function across a wider temperature range and enhance battery life by up to two times, as per a blog post of the website of Maxwell.
Tesla also sells power storage and ultracapacitors could be utilized in backup systems for house and for utility power grids.
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