M&As this week: Inner Mongolia Xingbang United New Energy and EDF Energies Nouvelles

27 April 2017 (Last Updated April 27th, 2017 18:30)

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 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.

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.

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

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.