Westinghouse Solar and CBD Energy intend to merge
A definitive merger agreement has been signed by Westinghouse Solar and CBD Energy.
Business negotiations between Westinghouse Solar and CBD Energy have resulted in both enterprises signing a definitive merger agreement.
Under the terms of the deal, Westinghouse Solar's common shareholders will be provided with around 3.7 CBD shares for each holding they own.
Discussions between the two enterprises commenced in December 2011 and from this point, it was clear that a tie-up between the groups could provide "substantial benefits", interim chief executive officer of the combined firm Margaret Randazzo declared.
Consummation of the merger is forecast to occur during the third quarter of 2012, subject to the approval of both businesses' shareholders.
"This transaction is expected to improve the financial standing of Westinghouse Solar allowing the company to better serve its established customers in the US," Ms Randazzo declared.
CBD managing director Gerry McGowan had recently revealed the long-term growth strategy of his firm is a global expansion, positioning it as a key solar developer.
Source: CBD press release, May 9th
Posted by David Gleck