Key terms of the transaction have been approved by the boards of directors of both Westinghouse Solar and CBD Energy, subject to satisfactory completion of due diligence and definitive agreements.
Westinghouse Solar and CBD Energy are targeting prompt execution of definitive documents in early March and a third quarter closing date, subject to shareholder approvals and other customary closing conditions. The contemplated transaction structure would be effected solely through an exchange of shares.
"Out of our discussions with CBD Energy since they made an investment in December 2011, we have concluded that a merger will produce synergies between the two companies and create a larger, diversified business with competitive advantages in the renewable energy sector," said Barry Cinnamon, CEO of Westinghouse Solar.
Westinghouse Solar to make point of entry for CBD into US market
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