US Kawa closes takeover of Conergy's sales business

Nov 19, 2013 - US investor Kawa Capital Management has completed the takeover of the sales and service units of insolvent German solar equipment maker Conergy AG (ETR:CGYK), which now form Kawa Solar Holdings, Conergy said today.

Kawa acquired Conergy’s sales units in the US, Canada, Singapore and Thailand in August as the first step of the takeover.

The second phase of the acquisition, including the remaining sales and service units in the UK, Italy and Australia as well as the two German divisions Conergy Deutschland GmbH and Conergy Services GmbH, has now also been completed, according to the company.

Some 350 jobs will be saved through the acquisition, Conergy said.

The company is currently in talks with potential investors for its production units, Mounting Systems GmbH and Conergy SolarModule GmbH, which are not part of the deal with Kawa. According to Conergy's spokeswoman, Antje Stephan, a deal is expected to be closed until the end of November.

Following the acquisition, Kawa made several changes to Conergy's management board, under which former CEO Philip Comberg will join Kawa Solar Holdings' board of directors as of January 2014.

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