Chinese manufacturer Trina Solar has agreed to be acquired by an investor consortium in a $1.1bn cash deal following a merger with Fortune Solar and its subsidiary Red Viburnum.
The deal represents a 40.6% premium on the prices of the company’s American depositary shares on 29 July, Trina said.
The consortium consists of Trina chairman and chief executive officer Jifan Gao, Shanghai Xingsheng Equity Investment & Management, Shanghai Xingjing Investment Management Company, Great Zhongou Asset Management (Shanghai), Liun Xinshi Asset Management Company and respective affiliates.
Trina directors have approved the merger and recommended shareholders vote to approve the deal.
The merger is expected to close in the first quarter of 2017 and is subject to “customary closing conditions”, including shareholder approval.
If the deal is approved, the company will become privately-owned and de-listed from the New York Stock Exchange, Trina said.
Image: Trina Solar
