‘Silicon Module Super League’ (SMSL) member JA Solar is following another SMSL member, Trina Solar in leaving the NASDAQ and going private via an all-cash transaction led by its founder, chairman and CEO, Baofang Jin.
JA Solar said that it would be acquired by an investor consortium, primarily by Jin and other controlling shareholders in an all-cash transaction, which the company said implied an equity value for JA Solar of approximately US$362.1 million.
Jin and its ‘Rollover Shareholders’ within the buyer group are funding the acquisition with a loan of US$160 million from CSI Finance Limited part of CITIC Bank China and Credit Suisse, Singapore Branch.
The acquisition is expected to close during the first quarter of 2018.
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