Tongwei to acquire Runergy
- Admin
- Aug 13, 2024
- 1 min read
Tongwei, a vertically integrated solar manufacturer in China, has signed a 'capital increase intention agreement' with China-based module producer Runergy and Chinese state-owned investment management company Jiangsu Yueda Group. The deal involves a multi-step acquisition process where Jiangsu Yueda will inject CNY 1 billion into Runergy, and Tongwei will finalize the acquisition by investing in Runergy to secure at least 51% of its equity. The total acquisition cost is capped at CNY 5 billion. Runergy, a major independent solar cell manufacturer, has expanded into upstream and downstream sectors but solar cells account for over 99% of its revenue. Despite initial plans for an IPO, the company did not complete the listing process within the one-year validity period.
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