SMA completed acquisition of majority stake in Zeversolar
Date: 15/03/2013
SMA Solar Technology AG has said it has concluded the acquisition of a majority stake of 72.5% in Jiangsu Zeversolar New Energy Co., Ltd., an inverter manufacturer based in China. SMA says this transaction secures company's access to the growing Chinese market and strategically consolidates its position as a global market leader.
“Just recently, the Chinese government has significantly raised its photovoltaic expansion targets again. The new target is to install a further 10 gigawatts each year over the next three years making China the largest photovoltaic market worldwide. Therefore, the majority stake in Zeversolar, which makes it possible for SMA to gain access to this growth market, is of great strategical importance,” explains CEO Pierre-Pascal Urbon.
“This transaction will provide SMA with access to the most important photovoltaic market of the future. Moreover, we will profit from the synergies in Purchasing, Production and Development. We are expecting a positive contribution to earnings over the mid-term,” says Pierre-Pascal Urbon.
Zeversolar’s company value based on SMA’s stake of 72.5% is CNY 319 million (approx. €40 million) from which net liabilities were deducted in order to determine the purchase price. The purchase was financed with cash on hand.
