Bosch to take 50.5 per cent in solar cell maker Ersol for $847 million
02 June 2008
German conglomerate Robert Bosch GmbH has agreed to buy a 50.5 per cent stake in solar-cell maker Ersol Solar Energy AG from its private equity owner for around €546.4 million ($846.9 million).
Bosh said it would also make a bid for the outstanding shares as it expands its portfolio of environment-friendly products.
Bosh made the acquisition from equity fund Ventizz Capital Fund II LP and its Channel Island-based subsidiary Ventizz II Jersey Holding LP.
In a communique to the management board of Ersol Solar Energy AG, the buy-out funds said they have signed agreements with Robert Bosch GmbH ) regarding the sale of its 50.45 per cent holdings in Ersol share capital.
Stuttgart-based Bosch said it would launch a public offer at €101 per share, the same price it paid Ventizz for its holding. The offer represents a substantial 63 per cent premium to the stock's Friday close.
Germany is already the worldıs biggest supplier of solar equipment and Bosch recently announced plans to become the world's biggest maker of hybrid drivetrains for vehicles. The company already makes gears and other parts for wind turbines and is hoping to offer ocean-energy generation gear, a technology still under development.
