It’s official, Trina Solar is going private. The intriguing proposal was first disclosed in December 2015, and then a deal was agreed by Trina CEO Jifan Gao, Fortune Solar and Red Viburnum in August of this year. The USD 1.1 billion deal has now been ratified by the company’s shareholders, and will see Trina delist from the New York Stock Exchange to become a private entity.
The deal itself will see Trina Solar merge with Red Vibumum, and then merge with Fortune Solar Holding, which will then become the parent company of Trina. All of Trina’s shares will be acquired for USD 0.232 per share, which means the total cost of the transaction will be USD 1.1 billion. Once the merger is complete, the company will become a privately held company.
The agreement and plan of merger was announced in August 2016, but this was the first chance that the shareholders could vote on the deal, with a two thirds majority needed to approve the deal. Approximately 97.8% of the shareholders voted in favor of the proposal to authorize and approve the merger.
Trina expects to finalize the transaction and formally delist from the New York Stock Exchange in the first quarter of 2017.