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Stock Market & Financial Investment News

News Breaks
December 27, 2012
04:53 EDTHSOLHanwha SolarOne enters into $475M credit agreement with Bank of Beijing
Hanwha SolarOne announced it has reached an agreement with the Bank of Beijing for access to up to approximately $475M of credit over the next twelve-month period. Drawdown of specific amount is subject to approval procedures of the Bank of Beijing, including review of specific project information, as applicable.
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December 8, 2014
06:49 EDTHSOLHanwha SolarOne, Q CELLS announce merger
Hanwha SolarOne, Hanwha Solar Holdings, and Hanwha Q CELLS Investment announced a definitive share purchase agreement to create a new global leader in solar power. The combined business will be the largest manufacturer of solar cells with capacity of 3.28 gigawatts and will have a broader international footprint covering the largest and fastest-growing solar markets in the world. Under the terms of the agreement, SolarOne will acquire 100% of the outstanding share capital of Q CELLS from its sole shareholder, HSH, in an all-stock transaction with an implied enterprise value of the combined company at approximately $2.0B based on the closing price of SolarOne's American depositary shares as quoted by NASDAQ on December 5. The transaction was approved by the boards of both companies and is expected to close in Q1, subject to shareholder and regulatory approvals. Based on the unaudited financial information for each of SolarOne and Q CELLS for the six months ended June 30 the total revenue for the two companies was approximately $733M. More financial information for the combined companies will be provided in the shareholder circular, which SolarOne expects to be prepared and mailed to SolarOne's shareholders before the end of December, which will also be filed with or furnished to the SEC. According to the terms of the transaction, SolarOne will issue approximately 3.7B SolarOne ordinary shares to HSH in exchange for the transfer of 100% of the outstanding share capital of Q CELLS by HSH to SolarOne. The new shares to be issued by SolarOne to HSH in the transaction represent approximately 8.09 newly issued shares for each of SolarOne's currently outstanding shares on a fully diluted basis. If consummated, the transaction would result in HSH increasing its ownership of SolarOne from approximately 45.7% to approximately 94%, in consideration of HSH'S transfer of full ownership of Q CELLS to SolarOne. Based on SolarOne's December 5 closing share price, the implied equity value for Q CELLS is approximately $1.2B.
06:46 EDTHSOLHanwha SolarOne, Q CELLS announce merger
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