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© mikael damkier dreamstime.com Business | December 09, 2014

Hanwha SolarOne and Q Cells to merge

Hanwha Solar Holdings and Hanwha Q Cells Investment has signed a definitive share purchase agreement to create a new player in solar power.

The combined business create a manufacturer of solar Cells with capacity of 3.28 gigawatts. Under the terms of the agreement, SolarOne will acquire 100% of the outstanding share capital of Q Cells from its sole shareholder, HSH, in an all-stock transaction with an implied enterprise value of the combined company at approximately USD 2.0 billion. The transaction is expected to close in the first quarter of 2015. Mr. Seongwoo Nam, chief executive officer of SolarOne, said, "The combination of SolarOne and Q Cells creates a formidable global leader that is well positioned for long-term growth. Q Cells brings industry-leading technology and R&D that can be leveraged across the combined product portfolio, and downstream expertise in development, EPC and project financing. At the same time, we plan to leverage SolarOne's cost-efficient module manufacturing base together with Q Cells' industry-leading highly efficient and fully automated cell manufacturing knowhow to further improve the combined company's cost competitiveness. Our combined scale and optimized global footprint will strengthen our strategic and financial position and should enable us to accelerate growth in the most important solar markets and increase shareholder value." Mr. Charles Kim, chief executive officer of Q Cells, said, "Q Cells' commitment to quality, technology, and innovation has enabled us to become one of the most respected solar companies with a world-renowned product reputation and downstream expertise. The merger with SolarOne creates a truly global platform that will provide us with a platform to achieve greater economies of scale and facilitate expansion into important solar markets including China. Together with SolarOne, we look forward to delivering superior solar solutions to our customers and growing our global leadership position."
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