Hanwha SolarOne has completed the acquisition of Hanwha Q CELLS, which will result in Hanwha Q CELLS adopting the formal name Hanwha Q CELLS Co., Ltd. and will trade on the NASDAQ under the symbol HQCL.
Terms of the deal were first revealed in December 2014 when it emerged Hanwha SolarOne would acquire all of its sister company’s stock from Hanwha Solar Holdings in what amounts to a merger. The estimated value of the deal is US$1.2 billion.
The combined entity will have a 3GW cell manufacturing capacity, which it claims makes it the largest cell producer in the world.
“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 Seongwoo Nam, chairman and chief executive officer, Hanwha SolarOne. “We plan to carefully manage the integration of the two companies, which have been benefitting in recent years from Hanwha's strategic support and the larger Hanwha culture,” he added.