Trina Solar in US$1.1 billion exit from NYSE

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Trina Solar has announced that its chairman and chief executive officer, Jifan Gao has secured an investor consortium to take the company private and exit the NYSE in a US$1.1 billion transaction. Image: Trina Solar

Leading ‘Silicon Module Super league’ (SMSL) member Trina Solar has announced that its chairman and chief executive officer, Jifan Gao has secured an investor consortium to take the company private and exit the NYSE in a US$1.1 billion transaction. The merger is currently expected to close during the first quarter of 2017.

Trina Solar appointed Citigroup Global Markets Inc., as its financial advisor and Kirkland & Ellis as its international legal counsel to handle the proposal to take the company private in January 2016, after announcing the plans December 11, 2015.

The investor consortium that includes Fortune Solar Holdings Limited (Parent company) and Red Viburnum Company Limited (Merger subsidiary), a wholly owned subsidiary of the parent company plans to offer the right to receive US$0.232 in cash without interest in each American depositary share ‘ADS’ in Trina Solar (50 Shares), that would be cancelled in exchange for the right to receive US$11.60 in cash without interest.

The purchase represents a premium of 21.5% to the closing price of the Trina Solar’s ADSs on December 11, 2015, the last trading day prior to the original announcement to take the company private and a premium of 40.6% to the closing price of the ADSs on Friday, July 29, 2016.

The investor consortium comprised, among others, Mr. Gao, Shanghai Xingsheng Equity Investment & Management Co., Ltd., Shanghai Xingjing Investment Management Co., Ltd., Great Zhongou Asset Management (Shanghai) Co., Ltd., Liuan Xinshi Asset Management Co., Ltd. and/or their respective affiliates.

The company follows a similar move by the founder and chairman of NASDAQ listed JA Solar, although JA Solar said in its first quarter earnings call that it had no update to provide on the planned move to take the company private. 

Read Next

January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 13, 2022
Finlay Colville, head of market research at Solar Media, reveals the top ten PV module suppliers last year in the first of a two-part blog, exploring not just shipment volumes but also the overall supplier bankability.
January 10, 2022
The Australian Renewable Energy Agency (ARENA) is providing AU$40 million in funding to support research and development (R&D) that can help Australia reach its ‘ultra-low cost solar’ goal, recently added as a priority under the country’s decarbonisation strategy.
January 6, 2022
JinkoSolar has won a tender issued by the China Petroleum Engineering and Construction Corporation (CPECC), an affiliate company of the China National Petroleum Corporation (CNPC), for up to 1.85GW of high efficiency TOPCon modules
PV Tech Premium
December 31, 2021
Jules Scully explores how customised installation techniques supported the development of Singapore's largest floating solar project to date, the 60MWp Tengeh Floating Solar Farm.
December 15, 2021
Trina Tracker, a business unit of Trina Solar, has launched Trina Smart Cloud, a monitoring and control tracking solution that the company said leads to more intelligent operation and maintenance (O&M) of solar PV stations

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal