Tesla to buy battery tech firm Maxwell for 218 million USD

Tesla agreed to acquire battery-technology company Maxwell Technologies for about 218 million USD in stock, as Elon Musk’s electric-car maker adds expertise in energy storage and power delivery.

The purchase price of 4.75 USD a share, announced by Maxwell in a statement on Monday, amounts to about a 55 percent premium to the target’s closing price on Feb. 1, Automotive News reads.

The companies share a common goal, Maxwell Chief Executive Officer Franz Fink said in the statement. The deal will allow Maxwell shareholders “to participate in Tesla’s mission of accelerating the advent of sustainable transport and energy.”