SAN JOSE, Calif. (AP) — Solar cell maker SunPower Corp. said on Friday that it will buy the solar panel-making unit of Total SA for $165.4 million in cash.
The Total unit, Tenesol SA, is based in La Tour de Salvagny, France, and has operations in 18 countries with solar panel manufacturing facilities in France and South Africa.
Total also agreed to buy 18.6 million shares of SunPower stock for $8.80 each, a 50 percent premium to Thursday's closing price. SunPower shares rose 40 cents, or 6.8 percent, to $6.25 on Friday.
Total will own 66 percent of SunPower after the deal closes, which is expected early next year.
Tenesol has been making solar energy systems since 1983. It has a major presence in Europe, and has installed more than 15,000 sun-powered systems worldwide totaling 500 megawatts. It expects 2011 revenue of 200 million euros ($261.1 million).