Trina Solar to be taken private by chairman Gao and investor consortium
Written By: Stratton Report
August 1, 2016
On August 1, Trina Solar Limited announced that it will merge with Fortune Solar Holdings Limited and Red Viburnum Company Limited taking the company private via an all-cash transaction implying an equity value of Trina of approximately $1.1 billion.
At the merger, each ordinary share of Trina will be cancelled and cease to exist in exchange for the right to receive $0.232 in cash without interest. Each American depositary share, representing 50 Shares, will be cancelled in exchange for the right to receive $11.60 in cash without interest, except for the shares owned by Jifan Gao, which will be rolled over in the transaction.
The investor consortium buying Trina includes Gao, Shanghai Xingsheng Equity Investment & Management Co., Ltd., Shanghai Xingjing Investment Management Co., Ltd., Great Zhongou Asset Management (Shanghai) Co., Ltd., Liuan Xinshi Asset Management Co., Ltd. and their affiliates.
The merger is currently expected to close during the the first quarter of 2017.
Citigroup Global Markets Inc. is serving as financial advisor and Kirkland & Ellis is serving as U.S. legal counsel to Trina Solar.Duff & Phelps, LLC is serving as financial advisor to the investor consortium, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as U.S. legal counsel to the investor consortium.