The deal that will take Trina Solar private has been completed, the company has announced.
Shares in the Chinese Silicon Module Super League (SMSL) manufacturer have been suspended at the company’s request ahead of its delisting. Trina also confirmed its intent to halt its reporting obligations. It has merged with Red Vibernum and is now a subsidiary of Fortune Solar Holdings. A consortium led by Trina’s chairman and CEO Jifan Gao will now acquire Fortune Solar in an all cash transaction.
Although there have been no details from the company, it is widely anticipated that it will eventually list on an exchange either in Hong Kong or mainland China.
Around 90% of Trina’s shareholders approved the deal at a vote in December 2016.
Yali Jiang, an analyst with Bloomberg New Energy Finance (BNEF), told PV Tech at the time that conditions in the US had become tougher for solar firms.
“The main intention is probably to re-list at a higher market value on other platforms in mainland China and Hong Kong,” she said. “It is now more challenging for solar manufacturing companies to issue new equity offerings in the US, as US investors are becoming cautious about solar stocks after losing money on several high profile examples.”