October 16 (Renewables Now) - Hanwha Q Cells Co Ltd (NASDAQ:HQCL) has agreed to be acquired and delisted by a unit of Hanwha Chemical Corp (KRX:009830) at a total equity value for the company of about USD 825 million (EUR 713m).
Under the terms of the newly-signed definitive deal, Hanwha Solar Holdings Co Ltd will buy every Hanwha Q Cells ordinary share it does not already own for USD 0.20 in cash, and each American depositary share (ADS) for USD 9.90 in cash. Each ADS represents 50 shares.
This is a premium of 50% to the closing price of Hanwha Q Cells’ ADSs on August 2, 2018, which was the last trading date before the proposal was revealed.
Hanwha Solar Holdings currently owns a stake of some 93.9% in the solar cell and module maker and that is why the transaction does not need shareholder approval. The buyout is expected to close during the first quarter of 2019. It will be funded with equity, according to the announcement.
(USD 1.0 = EUR 0.864)