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Gree Electric Appliances Inc of Zhuhai announced on Aug 18 that its proposal to acquire 100 percent of the equity of Zhuhai Yinlong New Energy Co Ltd at a cost of 13 billion yuan ($2 billion) was just approved by the board of directors.
After the acquisition, Yinlong will be Gree’s wholly owned subsidiary and is to be included in its consolidated statements.
Gree's workshop [Photo / Courtesy news.ycwb.com]
Gree will support financing by a private offering of its stock with an upper limit of 10 billion yuan ($1.5 billion), all to be invested to the project. The issuing price is 15.6 yuan ($2.50) per share with the total number not to exceed 642 million, available to eight purchasers including Zhuhai Gree Group Ltd, its Employee Stock Ownership Plan, and Guangdong Yintong Investment Holdings Group Co Ltd.
Yintong Energy
The move is pending approval by the state-owned assets supervision and administration authorities.
Both companies have strong synergistic effects in industrial ecology, core technologies, R&D resources, sales network and resources, supply chains, and financial affairs. Yinlong also stands out for its core technical competences in lithium batteries, new-energy automobiles, and energy storage, as well as in broader markets. Electric vehicles will be the companies' emphasis after the acquisition, sources say.
Yinlong Energy Industrial Park occupies an ultra-modern facility on Linhu Road in Sanzao Town. Gree, which has production units in China, Brazil and Pakistan, is headquartered at West Jinji Road, Qianshan.
New-energy bus [File photos]
