Total merges solar units, ups SunPower stake
(Reuters) - U.S. solar panel maker SunPower Corp, a unit of French oil major Total, said it had agreed to buy Total-owned Tenesol for $165.4 million in cash in an expected deal that will regroup the French group's solar business under one umbrella.
Total announced the $1.3 billion takeover of SunPower in June. Philippe Boisseau, Total's head of gas and power, told Reuters at the time that Total was planning a merger of its photovoltaic subsidiary Tenesol with SunPower.
Concurrently with the closing of the acquisition, Total has agreed to purchase 18.6 million shares of SunPower common stock in a private placement at $8.80 per share, a 50 percent premium to SunPower's Dec 22 closing price.