Sunways has sold all its shares in MHH Solartechnik to BayWa Green Energy under a purchase contract, which will become effective as of December 31. The completion of the transaction will be contingent upon several conditions, including clearance by the competent cartel authorities under the merger control regulations. Following a performance-related component of the contract, the purchase price for the MHH shares will be around €15 to 20 million ($22 to 29 million).
The companies also signed a term-sheet, which had them agree to a joint venture where Sunways will hold 49% stake and BayWa will hold 51%. The JV will aim to continue in the area of developing, planning and realizing medium-sized to large PV systems and solar parks.
Michael Wilhelm, chairman of the Management Board of Sunways AG, commented, “By selling MHH Solartechnik, Sunways is concentrating on its core activities and creates additional growth potential. Sunways and BayWa will perfectly complement each other within the new project company as both firms already as of today rely on the sustainable quality and high efficiency of their products and services in an uncompromising and targeted manner. Our existing customers can also expect improvements with respect to the quality of our products and services as well as logistic services.”
The MHH distribution channel will continue to be available and Sunways will use the additional liquid funds to strengthen its international branding. The management board and supervisory board of Sunways have given their endorsement for the sale of MHH and for the joint venture.