South Korean Hanhwa to pay EUR 250m to take over German Q-Cells
Aug 27, 2012 - A representative of South Korean conglomerate Hanwha Group said today the company will pay EUR 250 million (USD 313.1m) to acquire a majority stake in insolvent German solar panel maker Q-Cells SE (ETR:QCE).
The German company will be taken over by Hanwha’s subsidiary Hanwha Chemicals.
The transaction is still subject to the approval of the board of directors of the South Korean group as well as that of the meeting of Q-Cells’ creditors, which is to take place on August 29.
The transaction value comprises a cash purchase price of about KRW 55 billion (USD 48m/EUR 39m) and KRW-300-billion debt assumptions. The sum could, however, change before the takeover is closed.