Prior to the acquisition, the transaction received an approval from the Committee on Foreign Investment in the US and the National Development and Reform Commission, the regulators governing cross-border acquisitions in the US and China respectively.
Following the acquisition, Global Solar Energy will become a fully – owned subsidiary of Hanergy, while continuing its operations in the US.
Hanergy chairman Li Hejun said flexible and thin-film photovoltaic technology has a potential to grow over the future, and the acquisition of Global Solar Energy represents another landmark deal in the market.
Global Solar Energy chief executive officer Jeff Britt said, "We are pleased to join with Hanergy, which we believe will best leverage our unique products and technologies to complement Hanergy’s existing ones.
"Together we are well positioned to implement Hanergy’s strategy of accelerating the growth of the flexible solar market and exploit new market potentials."
Earlier in 2012, the company has acquired Solibro and MiaSolé, manufacturers of CIGS solar cells.
Global Solar Energy’s products are used in a wide range of applications, including integrated photovoltaic, rooftop solar systems, electronic vehicles and other portable solar products.
