Westinghouse Solar Inc., a designer and manufacturer of solar power systems, has signed a letter of intent to pursue a business combination with CBD Energy, a diversified renewable energy company based in Sydney, Australia.
Key terms of the transaction have been approved by the boards of directors of both companies, subject to satisfactory completion of due diligence and definitive agreements. The companies are targeting execution of definitive documents in early March and a third-quarter closing date, subject to shareholder approvals and other customary closing conditions.
Under the terms of the deal, Westinghouse Solar shareholders would receive shares of common stock in CBD Energy in exchange for their shares of Westinghouse Solar. CBD intends to apply for listing on the Nasdaq Stock Exchange prior to consummation of the transaction.