SunPower acquires Tenesol for $165.4m
SunPower has completed its acquisition of Tenesol, a wholly-owned subsidiary of France-based Total, for $165.4m in cash.
Concurrently with the closing of this transaction, Total acquired 18.6 million shares of SunPower common stock in a private placement at $8.80 per share.
The french company now owns approximately 66% of SunPower's common stock.
Tenesol has been designing, engineering, manufacturing, installing and managing solar energy systems for its global customer base since 1983.
SunPower president and CEO Tom Werner said the company is well positioned to gain share during the current market transition with the addition of Tenesol's established European and global customer channels and strong manufacturing base in Europe and Africa.
SunPower is a US-based manufacturer of high-efficiency solar cells, panels and solar systems.