Tesla to buy battery tech maker Maxwell Technologies for US$218 million

A Tesla logo is seen at a Tesla showroom in Shanghai, China January 7, 2019. (Reuters pic)

BENGALURU: Maxwell Technologies Inc, a developer of battery technology, said on Monday it had agreed to be bought by electric-car maker Tesla Inc for US$218 million.

The offer values each Maxwell share at US$4.75, representing a 55% premium to the stock’s closing price on Friday.

Maxwell expects the deal, which has already been approved its board, to close in the second quarter of 2019, or shortly thereafter.

DLA Piper LLP represented Maxwell as outside legal counsel, while Barclays Capital Inc served as independent adviser to Maxwell. Wilson Sonsini Goodrich & Rosati represented Tesla as outside legal counsel.