A Tesla car is seen in Santa Monica, California, United States, October 23, 2018. REUTERS/Lucy Nicholson

(Reuters) – Maxwell Technologies Inc, a developer of battery technology, said on Monday it had agreed to be bought by electric-car maker Tesla Inc for $218 million.

The offer values each Maxwell share at $4.75, representing a 55 percent premium to the stock’s closing price on Friday.

Maxwell expects the deal, which has already been approved its board, to close in the second quarter of 2019, or shortly thereafter.

DLA Piper LLP represented Maxwell as outside legal counsel, while Barclays Capital Inc served as independent adviser to Maxwell. Wilson Sonsini Goodrich & Rosati represented Tesla as outside legal counsel.

Reporting by Supantha Mukherjee and Akanksha Rana in Bengaluru; Editing by Saumyadeb Chakrabarty


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