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Sma Solar Technology AG to form strategic partnership with Danfoss A/S; Danfoss to acquire 20 percent of shares in SMA

Wednesday, 26 Feb 2014 03:06am EST 

Sma Solar Technology AG:Approves the signing of a Letter of Intent regarding the formation of a strategic partnership with the Danfoss A/S.This partnership shall comprise a cooperation in the areas of Research and Development, Procurement and Sales.In addition SMA shall take over the solar inverter business of Danfoss.Moreover Danfoss will acquire 20 percent of the shares in SMA Solar Technology AG.The purchase price under the share purchase agreement of 43.57 euros per share includes a strategic premium of 50 percent compared to the volume-weighted average price of the last 60 days.The share purchase agreement provides for a lock-up period for Danfoss, according to which Danfoss is restrained from both selling and acquiring additional shares in SMA for a period of two years. 

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0.045 +0.40%
4:02am EDT