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The Gap Partnership

Total acquires SunPower after business negotiations

The all-cash deal is thought to be worth some $1.3 billion.

15 June 2011

Merger and acquisition consultants may have been used by Total as it has confirmed an all-cash deal for SunPower.

The agreement is valued at $1.3 billion and it will create a new global leader in the solar energy sector.

Philippe Boisseau, president of Total Gas & Power, noted the announcement marks a new "stride forward" for the group.

"To insure the long-term viability of solar energy, the marketplace requires global integrated industrial players that are financially stable," he added.

Mr Boisseau continued by saying that they have created a "remarkable asset" by finishing off the terms of the arrangement.

Tom Werner, SunPower president and chief executive officer, observed are going to "change the way the world is powered".

With the business negotiations now complete, the organisations can look forward to working together.

Earlier this month, Total announced it has launched the Ekofisk South and Eldfisk II projects offshore in the North Sea.

Posted by David Gleck
 

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