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Maxwell Technologies Acquires Nesscap’s Energy Business

Maxwell Technologies Inc. and Nesscap Energy Inc.—both developers and manufacturers of capacitive energy storage and power delivery solutions—have entered into an agreement in which U.S.-based Maxwell will acquire all of the assets and business of Nesscap, a South Korean company.

As a maker of small-cell format ultracapacitor products and technologies, Nesscap brings strengths in research, development, and manufacturing of energy storage and power delivery solutions. Nesscap’s solutions complement Maxwell's large-cell format ultracapacitor product portfolio, according to Maxwell. The company says it expects to capitalize on synergies between the two companies that will “accelerate top-line growth and earnings, increase the innovation rate, and create an expanded and strengthened product portfolio.”

Maxwell plans to 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 nine-month revenue ending Sept. 30, 2016. Each of Maxwell’s and Nesscap’s board of directors has unanimously approved the transaction, which must now be approved by two-thirds of Nesscap shareholders. The latter is expected to take place during the second quarter of 2017.

 

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