Tesla will pay $4.75 for each Maxwell share, the company said, a 54.7% premium to its closing price Friday of $3.07, and bring the company into the corporate fold as a wholly owned subsidiary.
"We are very excited with today's announcement that Tesla has agreed to acquire Maxwell. Tesla is a well-respected and world-class innovator that shares a common goal of building a more sustainable future," said Maxwell CEO Franz Fink. "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."
Tesla shares were up 0.22% on Monday. Maxwell rose 49.1% to $4.59.
Go Behind the Label of the big tech companies | More videos on our Youtube Channel
Score a Touchdown with Jim Cramer's Big Game Special
Get access to the best stock picks in Jim Cramer's investment portfolio by executing a two-minute drill on our Big Game Special on Action Alerts PLUS, Jim's VIP club for investors. Sign up now through Feb. 4 and receive 58% off of the normal subscription price. Now that's a real touchdown!