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© kritchanut dreamstime.com Components | November 24, 2014

REC Solar ASA to be acquired

REC Solar ASA, acting through a subsidiary, has reached an agreement with Bluestar Elkem Investment, whereby Blustar Elkem will purchase 100% of the shares.
Bluestar Elkem will purchase 100% of the shares in a Luxembourg company (to be established) which will own REC Solar Holdings AS and all of the assets and liabilities of REC Solar.

Ole Enger, the Chairman of REC Solar, comments: "This proposed Transaction is a result of an extensive and broadly marketed process where the Company has explored opportunities to maximize value for shareholders. We are pleased that we today are in position to announce the combination of the Elkem Group and REC Solar. The Board of Directors of REC Solar views the combination as a positive outcome for the Company, its excellent workforce and other stakeholders, and we look forward to working with the Elkem Group to complete the Transaction. The Board believes that a combination with the Elkem Group will provide a strong platform to further develop REC Solar."

Helge Aasen, the CEO of Elkem AS, comments: "The Elkem Group has a strategic goal to grow its presence in the solar industry. The ambition is to establish a leading integrated PV player. The Elkem Group and REC Solar have developed a strong business relationship and there is a good strategic match between the companies ensuring that a combined entity will have a strong basis for further development of the business by leveraging REC Solar's leading global brand, strong distribution channels and reputation for quality."

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