The sale of Oerlikon Group’s loss-making Oerlikon Solar to Tokyo Electron (TEL) has received regulatory approval from the Chinese Ministry of Commerce (MOFCOM).
The sale to Japanese semi-conductor equipment supplier TEL was originally announced on March 2 and according to reports, TEL is paying a purchase price of US$275 million for the thin-film firm.
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Headquartered in Switzerland, Oerlikon Solar is the originator of the turnkey thin-film business model with a-Si and tandem-junction thin-film technology.
When the sale was announced, Dr Michael Buscher, CEO of Oerlikon Group, revealed that the divestment was part of the company’s strategy to “streamline and balance the group portfolio”.
With the Chinese approval, all necessary regulatory requirements to close the deal have been fulfilled. As a result, the companies are now entering the closing process.