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Total S.A. (Courbevoie, France) announced its successful purchase of SunPower Corporation (San Jose, California, U.S.) for USD 1.3 billion through a cash tender offer.
Total has accepted for payment 30.2 million shares of Class A common stock and 25.2 million shares of Class B common stock, giving Total majority ownership of both classes.
“To ensure the long-term viability of solar energy, the marketplace requires global integrated industrial players that are financially stable and committed to advancing cutting-edge technology,” states SunPower President and CEO Tom Werner.
“By combining the strengths of both groups, we have created a remarkable asset: will be the centerpiece of the solar activities of Total.”
Total to supply SunPower with USD 1 billion credit
The cash tender offer ended on midnight EST, June 14th, 2011. Total has also said that it will supply SunPower with USD 1 billion via a credit support agreement.
Following the acquisition, SunPower’s shares will continue to trade on NASDAQ under the symbols “SPWRA” and “SPWRB”.
The acquisition follows SunPower’s unveiling of a more than 20% efficient solar photovoltaic (PV) module on June 8th, 2011.
