The US$200 million acquisition of SunEdison by MEMC has been completed with 70% paid in cash and 30% in MEMC stock. MEMC has also issued restricted shares to retain certain SunEdison employees for at least the next 12 months. SunEdison will continue to operate with the SunEdison name, as a subsidiary of MEMC.
“Our strategy is to drive revenue growth for our wafer business while SunEdison produces a recurring revenue stream from solar generated electricity,” commented Ahmad Chatila, Chief Executive Officer of MEMC. “At the same time, SunEdison can directly benefit from the technological and cost advances that we are helping to create with continuing improvements in silicon wafer technology. This acquisition is the beginning of an exciting new chapter in the successful 50 year history of MEMC.”
