AstroPower to Acquire Aplicaciones Tecnicas de la Energia SA

August 05, 2001 by Jeff Shepard

AstroPower Inc. (Newark, DE) announced that it has signed an agreement to acquire Aplicaciones Tecnicas de la Energia SA (Atersa, Spain). As part of the transaction, AstroPower will also acquire Atersa's 50-percent equity stake in AstraSolar (Spain), the solar-cell manufacturing joint venture between Atersa and AstroPower.

Under the terms of the agreement, AstroPower will acquire Atersa and Atersa's 50-percent stake in AstraSolar for approximately $21.1 million in a stock-and-cash transaction. Atersa shareholders will receive approximately 58 percent of the total consideration in cash and approximately 42 percent in AstroPower shares.

Dr. Allen Barnett, president and CEO of AstroPower, commented, "We have had an outstanding relationship with Atersa for many years, and are very happy to be in a position to formally combine forces with this fine company. We recognize the strong capabilities of the Atersa and AstraSolar teams and welcome them as an integral part of AstroPower going forward."

Closing of the transaction will take place following authorization by the Spanish competition law authorities.