M&As this week: Basic Energy, JA Solar

24 November 2017 (Last Updated November 27th, 2017 08:40)

Basic Energy plans to acquire up to a 12.5% stake in Vintage EPC and Vintage International Construction from Vintage Engineering, which provides engineering, procurement, and construction (EPC) services for the 220MW Minbu solarpower plant in Myanmar.

Basic Energy plans to acquire up to a 12.5% stake in Vintage EPC and Vintage International Construction from Vintage Engineering.

Basic Energy is engaged in renewable energy and alternative fuels, as well as oil and gas development, while Vintage Engineering provides engineering, procurement, and construction (EPC) services for the 220MW Minbu solarpower plant in Myanmar.

JA Solar has agreed to be acquired by a group of buyers including chairman and CEO of JA Solar Holdings Mr. Baofang Jin, the Jinglong Group, and other rollover shareholders for approximately $362.1m.

The acquisition follows a definitive agreement and plan of merger entered by JA Solar with JASO Holdings, JASO Parent, and JASO Acquisition.

“Basic Energy plans to acquire up to a 12.5% stake in Vintage EPC and Vintage International Construction.”

The buyer group proposes to fund the acquisition through a combination of debt and equity.

CSI Finance, Credit Suisse, Singapore Branch, and other parties agreed to provide a loan facility of approximately $160m.

JA Solar has engaged Houlihan Lokey as its financial advisor for the transaction, while Gibson, Dunn & Crutcher, and Conyers Dill & Pearman have been engaged as legal advisors.

The acquiring groups have engaged Skadden, Arps, Slate, and Meagher & Flom as their legal advisors.

JA Solar Holdings is engaged in the manufacture of solarpower products, while Jinglong Group is a company based in British Virgin Islands.

The rollover shareholders include Jinglong, Chin Tien HUANG, Chi Fung WONG, and Pak Wai WONG.