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REFILE-BRIEF-Hanwha SolarOne and Q Cells to merge
December 8, 2014 / 12:17 PM / 3 years ago

REFILE-BRIEF-Hanwha SolarOne and Q Cells to merge

(Corrects to ‘merge’ from ‘merger’ in headline)

Dec 8 (Reuters) - Dec 8 (Reuters) - Hanwha Solarone Co Ltd : * Hanwha SolarOne and Q Cells announce merger to create new solar power leader * Says combined business will be the largest manufacturer of solar cells with capacity of 3.28 gigawatts * Says solarone will acquire 100% of the outstanding share capital of Q Cells from its sole shareholder, HSH * Says the transaction was approved by the board of directors of both companies * Says Seongwoo Nam of SolarOne will lead the combined business as chairman and chief executive officer * SolarOne will acquire Q Cells with an implied enterprise value of the combined company at about $2.0 billion * Says Jay Seo will become chief financial officer of the combined business * Hanwha SolarOne Co-co to issue about 3.7 billion solarone ordinary shares to HSH in exchange for transfer of 100% of outstanding share capital of Q Cells * New shares to be issued by SolarOne to HSH in deal represent about 8.09 newly issued shares for each of SolarOne’s outstanding shares * Hanwha SolarOne co - based on SolarOne’s December 5, 2014 closing share price, the implied equity value for Q Cells is approximately $1.2 billion * If consummated, transaction would result in HSH increasing ownership of solarone from approximately 45.7% to approximately 94% * Says Credit Suisse is serving as financial adviser and Debevoise & Plimpton is serving as legal counsel to SolarOne * Source text for Eikon * Further company coverage

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