China’s Bluestar to buy REC Solar for $640 million | Reuters

China National Bluestar has agreed to buy solar panel maker REC Solar (RECSOL.OL) for 4.34 billion Norwegian crowns ($640 million), planning to combine it with another Norwegian asset it picked up in 2011.

Bluestar said on Monday it would pay a 15.9 percent premium to the stock’s last close in a deal unanimously recommended by REC Solar’s board of directors and would combine it with its solar grade silicon maker Elkem.

The deal comes nearly a year and a half after REC (REC.OL) spun off its solar panel arm, moving its headquarters to Singapore from Norway and effectively putting the company up for sale.

via China’s Bluestar to buy REC Solar for $640 million | Reuters.

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