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Maxwell acquires Nesscap Energy Business

Maxwell Technologies has entered into an agreement to acquire substantially all of the assets and business of Nesscap.
Maxwell will purchase the operating entities of Nesscap for a total purchase price of USD 23.175 million, or about 1.1 times annualized revenue based on Nesscap's 9-month revenue ended September 30, 2016. The purchase price will be paid by the issuance of approximately 4.6 million Maxwell shares, subject to a 10 percent upward or downward adjustment based on the average closing price of Maxwell shares for the 10 consecutive trading days ending two days prior to closing.

Each of Maxwell's and Nesscap's board of directors has unanimously approved the Transaction. In order to become effective, the Transaction must be approved by two-thirds of Nesscap shareholders.

"With the acquisition of the Nesscap business, Maxwell will be stronger and better equipped to help existing and new customers address the growing demand for advanced ultracapacitor solutions to improve energy efficiency and meet government mandates for reduced emissions," said Dr. Franz Fink, Maxwell's president and CEO. "Our highly complementary product portfolio and development pipeline will address these challenges and likewise enable our customers to continuously innovate and deliver in their key markets over the years to come."

"Maxwell and Nesscap share the vision that ultracapacitor technology, with its clear advantages in power, lifetime, and temperature performance, will continue to advance and gain share in an increasing number of applications," said Jim Zuidema, CEO of Nesscap. "This acquisition will enable us to accelerate fulfillment of that vision, combining two exceptional teams, and move faster to bring more breakthrough products to markets which are hungry for scalable and efficient energy solutions."

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August 13 2017 4:10 PM V8.5.9-1