The acquisition by Koreas Hanwha SolarOne of Germanys Hanwha Q Cells was finalized today, six weeks after the deal was first announced.
Shareholders approved the transaction at an extraordinary general meeting held on February 4, and all final proceedings were squared away today, including the issuance of approximately 3.7 billion ordinary shares to Hanwha Solar Holdings.
The acquisition sees solar module manufacturer Hanwha SolarOne purchase 100% of Hanwha Q Cells outstanding share capital in the form of an all-stock transaction.
The deal also sees Hanwha SolarOne change its name to Hanwha Q Cells Co., Ltd, which will become effecting on the NASDAQ stock exchange from February 9. The companys headquarters will now be located in Seoul, South Korea.
"We believe the merger of Hanwha SolarOne and Hanwha Q Cells will create a number of synergies and provide us with a much-strengthened presence and competitive position in the global PV market," said Hanwha SolarOne CEO and chairman, Seongwoo Nam. "We plan to carefully manage the integration of the two companies, which have been benefiting in recent years from Hanwhas strategic support and the larger Hanwha culture."
In January, Hanwha Q Cells revealed it is to cease all production in Germany a move analysts believe is simply a reflection of weak European demand in the solar PV industry rather than as a direct result of the merger with Hanwha SolarOne.