Tesla to buy battery tech maker Maxwell Technologies for $218M

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(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.

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

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

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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)