GCL-Poly makes $3.4 billion move into solar power

Upon completion of the deal, GCL-Poly's chairman will become the company's majority shareholder.

Hong Kong-listed Chinese power company GCL-Poly Energy Holdings yesterday announced that it will pay HK$26 billion $3.4 billion to acquire Jiangsu Zhongneng PV Technology Development, a supplier of polysilicon used in solar panels. The chairman of GCL-Poly, Zhu Gongshan, is also the owner of Zhongneng and by absorbing the target into the listed company, Zhu and his associates will become GCL-Poly's majority shareholder.
Most of the deal will be funded by GCL-Poly issuing approximately...

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