Maxwell Technologies Inc. a developer and manufacturer of energy solutions perhaps best known for its ultracapacitor-based Engine Start Module designed for heavy-duty trucks, has entered into a definitive agreement to be acquired by Tesla Inc.
The latter company will commence an all stock exchange offer for all the issued and outstanding shares of the company after which it 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 $4.75 per share.
“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, San Diego, Calif. “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.”
The closing of the transaction is subject to the successful tender and exchange of shares, certain regulatory approvals and customary closing conditions.