Hanwha Solarone Co Ltd : * Hanwha SolarOne and Q Cells announce merger to create new solar power leader * Says combined business will be the largest manufacturer of solar cells with capacity of 3.28 gigawatts * Says solarone will acquire 100% of the outstanding share capital of Q Cells from its sole shareholder, HSH * Says the transaction was approved by the board of directors of both companies * Says Seongwoo Nam of SolarOne will lead the combined business as chairman and chief executive officer * SolarOne will acquire Q Cells with an implied enterprise value of the combined company at about $2.0 billion * Says Jay Seo will become chief financial officer of the combined business * Hanwha SolarOne Co-co to issue about 3.7 billion solarone ordinary shares to HSH in exchange for transfer of 100% of outstanding share capital of Q Cells * New shares to be issued by SolarOne to HSH in deal represent about 8.09 newly issued shares for each of SolarOne's outstanding shares * Hanwha SolarOne co - based on SolarOne's December 5, 2014 closing share price, the implied equity value for Q Cells is approximately $1.2 billion * If consummated, transaction would result in HSH increasing ownership of solarone from approximately 45.7% to approximately 94% * Says Credit Suisse is serving as financial adviser and Debevoise & Plimpton is serving as legal counsel to SolarOne * Source text for Eikon * Further company coverage
Hanwha SolarOne Co., Ltd. (Hanwha SolarOne) is an integrated manufacturer of silicon ingots, silicon wafers, PV cells and PV modules in China. Shares of HSOL traded higher by 3.85% or $0.06/share to $1.62. In the past year, the shares have traded as low as $1.51 and as high as $4.24. On average, 439714 shares of HSOL exchange hands on a given day and today's volume is recorded at 588989.
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