Maxwell Technologies to Acquire Nesscap Energy Business
March 06, 2017 | Maxwell Technologies
Maxwell Technologies, Inc. and Nesscap Energy Inc. announced that they have entered into an agreement in which Maxwell proposes to acquire substantially all of the assets and business of Nesscap.
Maxwell will purchase the operating entities of Nesscap for a total purchase price of $23.175 million, or about 1.1 times annualized revenue based on Nesscap’s 9-month revenue ended September 30, 2016. The purchase price will be paid by the issuance of approximately 4.6 million Maxwell shares, subject to a 10% upward or downward adjustment based on the average closing price of Maxwell shares for the 10 consecutive trading days ending two days prior to closing.
"With the acquisition of the Nesscap business, Maxwell will be stronger and better equipped to help existing and new customers address the growing demand for advanced ultracapacitor solutions to improve energy efficiency and meet government mandates for reduced emissions."
—Dr. Franz Fink,
President and CEO, Maxwell Technologies
To read the full press release, click here.
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