Tesla Inc. has agreed to acquire Maxwell Technologies Inc. for $218 million in an all-stock deal that values each share of San Diego-based technology company at $4.75 — a 55% premium to Friday’s closing price.
Maxwell has been developing patented dry electrode technologies that can be used to create ultracapacitors that store large amounts of electrical charge without losing energy. The company currently offers its products in a range of industries, including industrial electronics, transportation, and renewable energy.
“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,” said Dr. Franz Fink, President and Chief Executive Officer of Maxwell. “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.”
While the transaction is subject to regulatory approvals, customary closing conditions, and other terms, Maxwell’s board of directors has unanimously approved the deal and has recommended shareholders accept the offer.
The acquisition, which is expected to close in the second quarter of 2019 or shortly after, comes as Tesla is ramping up production of its vehicles and is aiming to lower the costs of its batteries to help bring cheaper versions of its Model 3 to market.