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Tesla is paying a considerable premium to acquire energy technology company Maxwell Technologies.
The maker of electric cars plans to acquire Maxwell Technologies for $ 4.75 a share, which represents a 55% premium on the company's stock price at $ 3.07 on Friday. The transaction values Maxwell Technologies at $ 218 million.
The acquisition of Tesla appears to be an attempt by the company to improve its energy technology. Maxwell develops patented dry electrode technologies that can be used to create ultra-capacitors that store large amounts of electrical charge without loss of energy. Industry observers believe that ultra-capacitors could be safer and more reliable than current batteries. The company currently offers its products in various sectors, including industrial electronics, transportation and renewable energy.
In a statement, Maxwell Technologies CEO Franz Fink said he believes the agreement is in the interest of his company. He added that Tesla shared the same goal as Maxwell Technologies: "building a more sustainable future".
A spokesman for Tesla said Fortune in an email stating that the company "is constantly researching potential acquisitions that make sense for the company and support Tesla's mission to accelerate the world's transition to sustainable energy".
The companies expect the transaction to close in the second quarter of the year, pending normal closing conditions. Maxwell's (mxwl) shares grew more than 52% to $ 4.67 in pre-market trading. Shares of Tesla (tsla) are down 46 cents to $ 311.75.
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