Suntech to Acquire MSK Corporation

Suntech Power has signed a definitive agreement to acquire MSK Corporation in a two-step cash and stock transaction. In the first step of the acquisition, which is expected to close in the third quarter 2006, Suntech will acquire a two-thirds equity interest in MSK for $107 million through a combination of subscription to new shares and purchase of existing shares. The balance of the consideration is based upon revenue targets for MSK and will be paid in the second step, which is anticipated to close by the end of 2007. “While Japan is the world’s largest single market for PV modules, it is also one of the most difficult markets for foreign players to enter,” said Dr. Zhengrong Shi, Suntech’s Chairman and CEO. ”We anticipate that this acquisition will give Suntech the advantage of MSK’s nationwide sales and marketing platform in Japan, which we expect to leverage to grow our market share in this important market.” MSK Corporation is one of Japan’s largest PV manufacturers and one of the top-ranking companies in the building-integrated photovoltaics (BIPV) space. MSK provides customer-tailored PV products that give aesthetic finish to a building by replacing the conventional building materials. In addition, MSK provides turnkey […]

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