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Tesla to Acquire Energy Storage Firm Maxwell Tech at $4.75 a Share
| 02/04/2019
Tesla Inc. is set to purchase battery-technology company Maxwell Technologies Inc. in a deal worth around $218 million in stock.
Tesla to boost electric car expertise with Maxwell Tech acquisition
Tesla is looking to bolster its expertise in the electric car sector with the acquisition of Maxwell Tech as it faces tough competition from other industry giants like Ford, General Motors and others venturing into the space.
The acquisition of Maxwell Tech will see Tesla add expertise in its energy storage and power delivery. Tesla will purchase the company at $4.75 per share, according to Maxwell’s announcement earlier today and represents roughly 55 percent premium to the closing price on February 1.
According to Maxwell Chief Executive Officer Franz Fink, the two companies share a similar goal. The deal would enable their shareholders to participate in Tesla’s mission to boost the advent of sustainable and safe transport and energy sector, he added.
Despite this positive news, Tesla shares dipped at the pre-market trading, plunging by 1.9 percent to trade at $306.56. Maxwell Tech shares meanwhile have surged by 49.5 percent and currently trades at $4.59 per share.