Emeren Group to go private in $103 million deal
Renewable energy
firm
Emeren Group
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 per cent premium to Emeren's last close, and a 23.5 per cent 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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