Trina Solar, the world’s leading solar PV manufacturer, announced this week that it will go private and remove itself from the New York Stock Exchange in a transaction worth approximately $1.1 billion.
In December of 2015, we reported that Trina Solar’s board had received a buyout proposal from the company’s own Chairman and Chief Executive, Jifan Gao. Just over seven months later, and Trina Solar announced on Monday that it had entered into a “definitive agreement” to see the company “acquired by an investor consortium in an all-cash transaction implying an equity value of [Trina Solar] of approximately $1.1 billion.”
The investor consortium comprises, among others, Mr. Gao, Shanghai Xingsheng Equity Investment & Management Co., Ltd., Shanghai Xingjing Investment Management Co., Ltd., Great Zhongou Asset Management (Shanghai) Co., Ltd., Liuan Xinshi Asset Management Co., Ltd. and/or their respective affiliates.
The move is expected to close during the first quarter of 2017, upon which time Trina Solar will return to being a privately-owned company and will no longer be listed on the New York Stock Exchange.
A full explanation of the financial minutia is provided by Trina Solar here.
Trina Solar was earlier this year confirmed as the world’s leading solar PV module producer by GlobalData, producing 4.55 GW of crystalline modules during 2015. Bloomberg New Energy Finance also dubbed Trina Solar the most “bankable” solar PV company currently in the industry.
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.