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.