Sunpower disposes manufacturing and services business for $463.0 mil

Sunpower International, a wholly-owned subsidiary of Sunpower Group, has disposed of its manufacturing and services (M&S) business for a consideration of RMB2.29 billion ($463.0 million).

The company, on Dec 31, entered into a sale and purchase agreement with Nanjing Sunpower Holdings, where the latter will acquire the entire issued and paid-up share capital of Sunpower Technology (Jiangsu) Co, an indirect wholly-owned subsidiary of Sunpower Group.

By disposing of the shares, Sunpower Group says it will dispose the entire M&S business and all of the group’s property, assets, rights, undertakings and liabilities under the business.