Cleary Gottlieb is representing Hanwha Solar Holdings Co. Ltd., a subsidiary of Hanwha Chemical Corporation, in the take-private transaction of Hanwha Q CELLS Co. Ltd.
The execution of the merger agreement was announced on October 16, 2018, pursuant to which Hanwha Q CELLS will be acquired by Hanwha Solar in an all-cash transaction implying an equity value of approximately $825 million.
The merger is expected to close during the first quarter of 2019. When completed, Hanwha Q CELLS will become a privately owned company, its ADSs will no longer be listed on the Nasdaq Global Select Market, and the ADS program will be subsequently terminated.
Hanwha Q CELLS is a flagship company of the Hanwha Group and is one of the world’s largest and most recognized photovoltaic manufacturers for its high-performance, high-quality solar cells and modules. It is headquartered in Seoul, Korea. Its Technology & Innovation headquarters are in Thalheim, Germany, and it has manufacturing facilities in China, Malaysia, and South Korea.