Elkem ASA (OB:ELK) entered into Share Purchase Agreement to acquire REC Solar Norway AS from REC Solar Holdings AS for approximately NOK 230 million.

Elkem ASA (OB:ELK) entered into Share Purchase Agreement to acquire REC Solar Norway AS from REC Solar Holdings AS for approximately NOK 230 million on January 14, 2024. Under the terms of agreement, Elkem is paying consideration in cash. RIL will continue to retain the technology and intellectual property rights pertaining to kerf-based Polysilicon.

Upon completion of the sale, REC Norway will cease to be a subsidiary of the Company. REC Solar Holdings AS and its subsidiaries, engaged in the business of manufacturing and sale of Solar PV HJT cells and modules, will continue to be RIL?s subsidiaries. This transaction will give Elkem control of industrial areas and facilities in Norway, including areas next to Elkem?s activities at Fiskaa in Kristiansand.

The transaction remains subject to necessary approvals, including from the Norwegian Competition Authority. The transaction is also subject to certain regulatory and other customary closing conditions and transaction does not fall within related party transactions. The transaction is expected to complete by April 2024.