February 4 (Renewables Now) - US electric vehicles (EVs) and energy storage major Tesla Inc (NASDAQ:TSLA) has sealed a deal to take over Maxwell Technologies Inc (NASDAQ:MXWL), which makes technology used in batteries.
Tesla said in a statement it will launch an all-stock exchange offer to buy all of Maxwell’s common stock at USD 4.75 (EUR 4.15) per share. More specifically, each share of Maxwell common stock will be exchanged for a fraction of a Tesla common share. The transaction is valued at USD 218 million, according to media reports.
Maxwell has developed a dry electrode manufacturing technology used to make ultracapacitors, which, in turn, are devices needed for the production of batteries. The company’s energy storage solutions are applied in renewable energy, automotive, heavy transportation and backup power, among other fields.
The board of Maxwell recommends the deal for approval by its stockholders. In addition to shareholder clearance, completion is also subject to receiving regulatory green light and is expected to take place in the second quarter of the year, or shortly thereafter.
DLA Piper LLP (US) served as Maxwell’s outside legal counsel, while Barclays Capital Inc acted as its independent advisor. At the same time, Wilson Sonsini Goodrich & Rosati represented Tesla as outside legal counsel.
(USD 1.0 = EUR 0.875)