Renewable energy firm Emeren to go private in $103-million deal
June 19 (Reuters) - Renewable energy firm Emeren Group SOL.N said on Thursday it will go private in a $102.6-million deal with a company backed by its chairman, Himanshu Shah.
Shurya Vitra, a company incorporated in the British Virgin Islands, will buy Emeren for $2 per American Depositary Share in cash. Shah has committed to providing the funding needed for the acquisition through an equity investment in Shurya Vitra.
An uncertain economic environment and elevated capital costs have pushed some small- and mid-cap firms to go private, which allows them the flexibility to navigate the difficulties without the pressure of public markets.
Shurya Vitra's offer is priced at a 12.4% premium to Emeren's last close, and a 23.5% premium to its share price in March before it disclosed it had formed a special committee to evaluate a buyout proposal received earlier that month.
The deal is expected to close in the third quarter.
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