Renewables

Total buys SunPower

Total SA, Europe’s third-biggest oil producer, agreed to buy as much as 60 percent of California-based solar panel maker SunPower Corp. for $1.38 billion. SunPower called the acquisition price of $23.25 a share a “friendly tender offer,” according to Bloomberg, which reported the news.

The offer includes both SunPower’s Class A and Class B shares. It represents a 46 percent premium over the April 27 closing price for SunPower’s Class A common stock and a 49 percent premium for its Class B common stock. SunPower’s total equity is valued at $2.3 billion. The company ranks among the largest solar panel manufacturers in the U.S.

The transaction is subject to approval from the boards of both companies and antitrust authorities in the U.S. and European Union. Total’s final offer must include 50 percent of SunPower’s shares.

Deutsche Bank AG advised SunPower on the transaction and Credit Suisse Group AG and Messier Maris et Associes advised Total.

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