Tesla (TSLA) has entered into an agreement to acquire battery manufacturer Maxwell Technologies (MXWL) for about $218 million. This offer values each share of Maxwell at $4.75. The transaction is expected to complete by the second quarter of 2019 or shortly thereafter. Shares of Maxell surged about 50%, while Tesla stock traded in the red during Monday’s morning trading session. Under the agreement terms, about 46 million shares of Maxwell will be bought by Tesla for $4.75 a share, which represents a premium of 55% compared to Maxwell’s closing price of $3.07 on Friday. Maxwell’s Board of Directors unanimously approved the offer made by Tesla.
The San Deigo, California-based company provides energy storage and power delivery solutions for automotive, heavy transportation, renewable energy, backup power, wireless communications and industrial and consumer electronics applications.
“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,” said Franz Fink, CEO of Maxwell.
Last week, Tesla reported its fourth quarter earnings, which fell short of analysts’ expectations, while revenues exceeded views. After Tesla announced mixed quarterly results on January 30, the stock had inched up 1% and closed Friday at $312.21. As of Friday’s close, Maxwell stock surged 48% so far this year.
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