Endurance Technologies Limited (BSE:540153) agreed to acquire unknown stake in Maxwell Energy Systems Pvt. Ltd. from Ion Energy Ltd. (TSXV:ION) on May 18, 2022. This all-cash deal involves initial share subscription and share purchase leading to Endurance holding 51% stake in Maxwell by investing INR 1350 million, subject to customary adjustments and fulfilment of Conditions Precedent. Subsequently Endurance will acquire the remaining 49% in a phased manner over the next 5 years by making variable payouts determined based on financial performance of Maxwell, subject to a maximum additional payout of INR 1730 million. The transaction is subject to customary conditions and is expected to be consummated in a few weeks. ION'S Co-Founders, Akhil Panjwan will continue to actively contribute to Maxwell's future growth over the next 5 years. Axis Capital Limited acted as financial advisor to ION on this transaction. Prasenjit Chakravarti and Nitish Goel of Khaitan & Co. acted as legal advisor to Endurance Technologies Limited. Mehta And Padamsey Surveyors Private Limited acted as legal advisor to Maxwell Energy Systems Pvt. Ltd. and Ion Energy Ltd.
Endurance Technologies Limited (BSE:540153) completed the acquisition of a 24.003349% in Maxwell Energy Systems Pvt. Ltd. from Ion Energy Ltd. (TSXV:ION) on July 1, 2022.