Tesla acquired Maxwell Technologies, Inc. for Approximately $207 million (all-stock; 0.0193 Tesla share per Maxwell share), a transaction completed in May 2019, structured as all stock.
Maxwell Technologies, Inc. operates in Energy storage / battery technology, is based in San Diego, California, United States. Maxwell Technologies was a San Diego-based energy storage and power delivery company whose two product lines were ultracapacitors and an emerging dry battery electrode manufacturing process. Tesla pursued the deal chiefly for that dry electrode technology, which Maxwell believed could raise energy density and cut cost for lithium-ion cells, plus Maxwell's engineering workforce. The transaction was structured as a stock-for-stock exchange offer through Tesla's Cambria Acquisition Corp. subsidiary, initially valued at $4.75 of Tesla stock per Maxwell share; the final exchange ratio was 0.0193 Tesla share per Maxwell share. Tesla recorded purchase consideration fair value of about $207 million (902,968 Tesla shares at $229.49 on the closing date).
Tesla stated it pursued Maxwell for its complementary technology and workforce, expecting the acquisition to support long-term growth and deliver anticipated synergies for the combined company, with the dry electrode process seen as potentially significant for electric-vehicle batteries.
Maxwell's dry battery electrode process offered a differentiated path to higher energy density and lower battery cost, directly relevant to Tesla's cell-manufacturing roadmap. Integration of dry-electrode know-how into Tesla's in-house battery cell development and manufacturing. Absorbed into Tesla's battery cell engineering / automotive segment
On May 16, 2019, we completed our strategic acquisition of Maxwell Technologies, Inc., an energy storage and power delivery products company, for its complementary technology and workforce.Tesla, Inc. FY2019 Form 10-K, Business Combinations note
Advisory firms were not disclosed for this transaction.