Mergers and Acquistions News
Categories: Semi-Conductors
October 27th 2009, 17:20PM
MEMC Electronic Materials, which provides silicon wafers to the semiconductor and solar industries, has reached a definitive agreement to acquire solar power developer SunEdison LLC.
The acquisition, which is expected to close before the end of the year, calls for $200 million (£122.4 million) to be paid to SunEdison security holders, of which 70 per cent will be in cash and 30 per cent in MEMC stock.
Speaking about the deal, MEMC chief executive officer Ahmad Chatila said the acquisition "provides a third engine of growth" for his company.
"MEMC will now participate in the actual development of solar power plants and commercialisation of clean energy, in addition to supplying the solar and semiconductor industries with our traditional silicon wafer products," he commented.
Mr Chatila became chief executive officer of MEMC in February this year after serving as executive vice-president of Cypress Semiconductor's memory and imaging division.
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