‘Today marks a new stride forward for Total in the solar power industry,’ says Philippe Boisseau, president of Total Gas & Power. ‘To ensure the long-term viability of solar energy, the marketplace requires global integrated industrial players that are financially stable and committed to advancing cutting-edge technology.’
Total has accepted for payment approximately 30.22 million shares of Class A common stock and 25.22 million shares of Class B common stock at a purchase price of $23.25 per share for a total cost of approximately $1.3 billion. Adjustments will be made after the expiration of the guaranteed delivery period on June 17.
Following the completion of the transaction, SunPower's shares will continue to trade on NASDAQ under the symbols SPWRA and SPWRB, the companies note.