Trina Solar Ltd. has entered into a definitive agreement for a going-private transaction and plan of merger with Fortune Solar Holdings Ltd. and Red Viburnum Co. Ltd. Shares owned by chairman and CEO Jifan Gao and certain of his affiliates will be rolled over in the transaction.
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Apart from Gao, the investor consortium also includes 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 their respective affiliates.
Trina Solar Ltd., the world’s biggest solar panel maker, said it’s going private in a $1.1 billion deal that pays a premium holders of its American depository receipts. The agreed price is a premium of 21.5% to the closing price of Trina’s ADSs on December 11, 2015.
Trina Solar Ltd. agreed to be taken private in a management-led buyout deal almost eight months after the solar-panel maker received a preliminary offer.
The Company’s board of directors approved the Merger Agreement and the merger and resolved to recommend that the Company’s shareholders vote to authorize and approve the Merger Agreement and the merger.
Citigroup Global Markets Inc is the financial adviser to Trina Solar’s special committee, and Kirkland & Ellis is its USA legal counsel. Duff & Phelps LLC and Skadden, Arps, Slate, Meagher & Flom LLP are serving as financial advisor and US legal counsel, respectively, for the investor consortium.
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The company follows a similar move by the founder and chairman of NASDAQ listed JA Solar, although JA Solar said in its first quarter earnings call that it had no update to provide on the planned move to take the company private.
