May 17 (Renewables Now) - US electric vehicles (EVs) and energy storage major Tesla Inc (NASDAQ:TSLA) has wrapped up its takeover of battery equipment maker Maxwell Technologies Inc (NASDAQ:MXWL).
Tesla said in a statement that its offer to exchange all outstanding shares of Maxwell common stock for 0.0193 of a share of Tesla common stock had expired on May 15, giving it a voting stake of about 79% in the target. After the exchange offer closed, Tesla finalised the acquisition through a second step merger.
The deal was announced in early February, when the Elon Musk-led company said it will buy all of Maxwell’s common stock at USD 4.75 (EUR 4.25) per share.
Maxwell has developed a dry electrode manufacturing technology used to make ultracapacitors, which, in turn, are devices needed for the production of batteries. The company’s energy storage solutions are applied in renewable energy, automotive, heavy transportation and backup power, among other fields.
(USD 1.0 = EUR 0.894)