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.
