Trina Solar Goes Private After $1.1 Billion Buyout Offer
Originally published on CleanTechnica.
The world’s second largest solar PV manufacturer, Trina Solar, has announced the completion of its move to de-list itself and go private, less than a year after the company announced the $1.1 billion move.
In December 2015, Trina Solar announced that it had received a buyout offer from its chairman and chief executive, Mr Jifan Gao. In August 2016 the company announced that it would move forward with the buyout offer, in a move to de-list itself from the New York Stock Exchange and go private that would be worth approximately $1.1 billion.
On Monday, Trina Solar revealed that the company had ceased to be a publicly traded company and became a wholly-owned subsidiary of its new parent company, Fortune Solar Holdings Limited. The transaction is actually a merger with Fortune subsidiary Red Viburnum Company Limited.
Trina Solar fell to be the world’s second largest solar PV manufacturer in 2016, according to figures released by GlobalData earlier this year. The company was surpassed by Jinko Solar, which shipped between 6.6 to 6.7 gigawatts (GW) of solar PV modules, compared to Trina Solar’s 6.3 to 6.5 GW.
Reprinted with permission.