South Korea-based Hanwha Group has won its bid to take over the insolvent German company, Q-Cells.

According to pvmagazine, the bid is said to have been accepted by a large majority of Q-Cells creditors. The South Korean conglomerate will retail 1250 of the 1550 strong workforce.
Acquisition
While the exact purchase price has not been divulged, it is said to comprise “the takeover of operational liabilities in the lower triple-digit millions as well as a cash component in the mid double-digit millions, while the cash component depends on the volume of additional liabilities that will have to be taken over.”

Commenting, Q.Cells’ insolvency administrator, Henning Schorisch stated, “In the current macroeconomic and political environment, which is extremely difficult for Q. Cells, it is a great success that we managed to maintain not only research and development, but also the production capacities at the Bitterfeld-Wolfen site.”

A surprise bid had come in for Q-Cells, just as Korea’s Hanwha Chemical looked set to seal a deal.

Spanish PV group Isofoton had emerged as a surprise rival and tabled a bid at a meeting of Q-Cells’ creditors’ committee, offering it a late alternative to an agreement Hanwha had already signed with the German company’s administrators.

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