Tesla acquires Energy storage company Maxwell Technologies for $218 Million
Elon Musk led Electric car maker Tesla acquires energy storage company Maxwell Technologies at $218 million.
The acquisition is an all-stock deal and the offer will value each of Maxwell's 45.9 million shares at $4.75. The merger is expected to close in the second quarter of 2019.
As per the report, the acquisition will help Tesla to improve its batteries and lower the costs as more competitors enter the market.
"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," Franz Fink, CEO and President, Maxwell said in a press release.
Maxwell Technologies' primary focus has been on ultracapacitors energy storage devices that c...