Missouri, United States [RenewableEnergyWorld.com] MEMC Electronic Materials Inc., supplier of silicon wafers to the semiconductor and solar industries, has completed the acquisition of privately held Sun Edison LLC. As previously announced, the purchase price of US $200 million was paid 70% in cash and 30% in MEMC stock, plus retention payments, transaction expenses and the assumption of net debt.
“This acquisition further enhances our positioning in the solar industry,” said Ahmad Chatila, Chief Executive Officer of MEMC. “Renewable, clean solar energy is still in its infancy as a growing global industry. Our role in reducing costs in both the components of solar modules and well as the actual solar plants will help to further accelerate this growth.”
MEMC also announced that, in connection with the acquisition of Sun Edison LLC, it has granted special inducement grants under its 2009 Special Inducement Grant Plan to retain 224 SunEdison employees to operate its newly acquired SunEdison business unit.
The company granted an aggregate of 584,372 restricted stock units, which vest on the first anniversary of the Closing, subject to such employees being employed by MEMC and/or the SunEdison business unit on such date.
The Company also granted an aggregate of 1,644,529 restricted stock units, which are subject to vesting requirements based on both performance and time. The performance requirements are tied to the same metrics as the earnout contemplated by the merger agreement.