LDK Solar Co. Ltd. has entered into an agreement to acquire the crystalline module manufacturing plant of Best Solar Co. Ltd.
Under the terms of the transaction, LDK Solar will acquire Best Solar's crystalline module manufacturing plant at cash consideration of $21.5 million, representing the fair value of the assets acquired, determined on an arm's-length basis.
Best Solar is wholly owned by LDK New Energy Holding Ltd., which is LDK Solar's controlling shareholder, and wholly owned by Xiaofeng Peng, chairman and CEO of LDK Solar. Best Solar has undertaken not to engage – and therefore, compete with LDK Solar – in the module business after this transaction is completed.
SOURCE: LDK Solar Co. Ltd.
