Total’s SunPower 60 percent acquisition costs $1.4 billion22. June 2011 | Global PV markets, Markets & Trends | By: Jonathan Gifford
The 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.
Keep your finger firmly on the photovoltaic pulse: sign up for our daily newsletter
- 6246 views
- 5300 views
- 4241 views
- 2377 views
- 2050 views
Want to publish your press releases for free? Simply log in or register, enter the information you want to appear and we'll publish it for you!