Total’s SunPower 60 percent acquisition costs $1.4 billion
22. June 2011 | Global PV markets, Markets & Trends | By: Jonathan GiffordThe move by French oil giant Total, to deepen its involvement in the photovoltaic industry by purchasing 60 percent of SunPower’s stock, has closed costing them $1.4 billion. SunPower’s stock responds with slight increase in share price.
It has been a deal covered widely, but any fears that Total’s 60 percent purchase of SunPower’s stock can be laid to rest as the cash offer has been completed. The deal had previously been estimated to cost Total $1.3 billion.
The deal gives SunPower significant cash reserves for its research and development programs and includes a $1 billion line of credit available to SunPower from Total.
The implications of the SunPower deal for Total solar subsidiary Tenesol are not yet clear.
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