Tesla's offer values individual Maxwell shares at $4.75, meaning the firm is buying the battery company at a 55 per cent premium to last week's closing price of $3.07. Following the deal's announcement, shares in Maxwell surged almost 52 per cent, while Tesla's share price dropped as much as 3.3 per cent. Read more: Tesla tops revenue forecasts but profits take a hit Aside from producing electric cars, Tesla also sells power storage as part of its solar power business.
@yes_andre I'm a big fan of ultracapacitors. Was going to do my PhD at Stanford on them. But we need a breakthrough in energy density…— Elon Musk (@elonmusk) May 20, 2013
Maxwell expects the deal to close in the second quarter of 2019, as it has already been approved by the company's board.