Inner Mongolia Xingbang United New Energy has reached an agreement to purchase an additional 50% equity stake in Tibet China-Automation New Energy Technology from Beijing Zhongteng IOT Technology Development.

Inner Mongolia Xingbang United New Energy intends to fund the consideration of CNY108.03m ($15.7m) for the acquisition through internal resources.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Under the terms of the acquisition, the consideration will be paid in three instalments of $7.85m, $4.71m, and $3.14m.

United Photovoltaics already holds a 50% equity stake in Tibet China-Automation New WEnergy Technology, which was acquired in November 2016 for a purchase consideration of CNY108.03m ($15.7m).

"United Photovoltaics already holds a 50% equity stake in Tibet China-Automation New WEnergy Technology, which was acquired in November 2016."

This latest acquisition is expected to support United Photovoltaics’ plans to expand its solarpower plant portfolio and enhance return to its shareholders.

See Also:

EDF Energies Nouvelles has announced its intention to acquire a 67% stake in Futuren for a purchase consideration of €320m($343.09m).

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As part of the transaction, EDF intends to acquire 61.6% of Futuren’s ordinary shares at €1.15 ($ 1.24) a share and 96% of its convertible bonds (OCEANEs) at €9.37 ($10.04) a bond.

EDF Energies Nouvelles intends to launch a public tender offer for all remaining Futuren’s shares and convertible bonds, upon completion of the transaction.