© Maxwell technologies Business | February 05, 2019
Tesla to acquire Maxwell for $218 million
San Diego-based ultracapacitors manufacturer, Maxwell Technologies, has entered into a definitive agreement to be acquired by Tesla for USD 4.75 per share.
The electric carmaker will start an all stock exchange offer for all the issued and outstanding shares of the Maxwell, after which the company will be merged with a Tesla subsidiary and become a wholly owned subsidiary of Tesla. The offer will value each share of Maxwell common stock at USD 4.75 per share, a press release reads. As of January 31, 2019, 46,008,549 shares of Maxwell’s common stock were issued and outstanding; which brings the total value of the deal up to USD 218 million. Closing this transaction is however subject to a successful tender and exchange of shares, certain regulatory approvals and customary closing conditions. The companies expects the transaction to be completed in the second quarter of 2019, or shortly thereafter. "We are very excited with today's announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future," says Dr. Franz Fink, President and Chief Executive Officer of Maxwell, in a press release. "We believe this transaction is in the best interests of Maxwell stockholders and offers investors the opportunity to participate in Tesla's mission of accelerating the advent of sustainable transport and energy."
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