Maxwell Technologies Inc., a leading developer and manufacturer of ultracapacitor-based energy storage and power delivery solutions, announces that it has entered into a definitive agreement to sell its microelectronics product line to Data Device Corporation, a subsidiary of ILC Industries Inc. The agreement includes all assets and certain liabilities related to the microelectronics product line.
Gross proceeds from the transaction are expected to be $21 million in cash. The purchase price is subject to working capital and closing transaction adjustments. The sale transaction is expected to close by the end of April 2016, subject to customary and negotiated closing conditions.