Chinese solar panel manufacturer Trina Solar has signed a deal worth $1.1bn with an investor consortium to go private.
The deal will follow completion of Trina Solar merger with Fortune Solar and its subsidiary Red Viburnum.
The consortium comprises Trina chairman and CEO 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, among others.
Under the terms of the deal, share holders will receive $11.60 per American depositary share, which is equal to the initial preliminary price made in December 2015.
Upon completion of the merger, Trina Solar will be become a privately-owned company and will be delisted on the New York Stock Exchange.
Scheduled to be completed during the first quarter of 2017, the merger is subject to customary closing conditions including approval by at least two-thirds of the owners of Trina Solar's voting shares.
Recently, Trina Solar said it has achieved an average efficiency of 20.16% for its industrially-produced P-type multi-crystalline silicon cells featuring passivated emitter and rear cell (PERC) technology.
Additionally, the company’s multi-crystalline silicon P-type double print (DP) cells, which were mass produced for commercial shipment, have achieved an average efficiency of 18.7%.
Trina Solar is engaged in manufacturing crystalline silicon photovoltaic modules and system integration.
Image: Trina Solar manufactures solar panels. Photo: courtesy of franky242/ FreeDigitalPhotos.net.