October 28, 2009
Constance,
Germany: Sunways to Sell Interest in MHH Solartechnik
Under
a purchase contract dated yesterday, Sunways AG, Constance, Germany
sold all its shares in MHH Solartechnik GmbH, Tuebingen, Germany,
to BayWa Green Energy GmbH, a subsidiary of BayWa AG, Munich,
Germany, effective as of 31 December 2009.
The
transaction’s execution is subject to several conditions, in particular
clearance by the competent cartel authorities under the merger
control regulations. Pursuant to a performance related component
of the contract, the purchase price for MHH Solartechnik amounts
to about € 15 to 20 million.
Simultaneously,
Sunways AG and BayWa AG intend to form a joint project company
in which Sunways AG is to hold a 49% stake while 51% are to be
held by BayWa AG.
The
joint enterprise is to be active in the area of developing, planning
and realizing medium sized to large photovoltaic systems as well
as solar parks.
Further details about: Sunways
AG and BayWa AG
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