The largest shareholder in Shunfeng Photovoltaic Technology Co. Ltd., Cheng Kin-ming, has agreed to pay the outstanding $412 million (2.5 billion CNY) to fully acquire Wuxi Suntech.
Back in November it was announced that Chinas Shunfeng was to purchase Wuxi Suntech, with details of this latest transaction connected to a bond that will issued by Shunfeng on December 12, with the company agreeing to issue $461 million in convertible bonds to six investors.
The chief investor was Peace Link Services Ltd., a company owned by Cheng a Hong Kong-based real estate investor and registered in the British Virgin Islands. Peace Link upped its stake in Shunfeng between February and August this year, announcing that it would use the proceeds from the bond issuance to purchase Wuxi Suntech.
This bid was approve in mid-November, with the company finally selling for $492 million.
Since the takeover, Shunfeng has also agreed to pay Wuxi Guolian Development Group Co. a government-backed investment arm local to Wuxi Suntechs operations a sum of $25 million with three months of the deal.