REC, the Norwegian manufacturer of solar panels, has attained shareholder approved to sell the business to another Norway-based company, Elkem Group.
Bluestar Elkem Investment will acquire REC Solar Holdings AS and all of the assets and liabilities of REC Solar at a cash purchase price of NOK 4,340 million (US$568 million). The deal is expected to close in March this year.
The Elkem Group is fully owned by China National Bluestar, which in turn is a joint venture between the conglomerate ChemChina and Blackstone. REC itself was spun off in 2013 from Renewable Energy Corp. ASA.