REC Shareholders Approve Sale of Company to Elkem

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.

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