MEMC to Acquire U.S. Subsidiary of Fotowatio Renewable Ventures for $112M at Closing

MEMC Electronic Materials, Inc. WFR and its solar energy subsidiary, SunEdison, today announced a definitive agreement to acquire privately-held Fotowatio Renewable Ventures, Inc., the 100% owned U.S. subsidiary of Fotowatio Renewable Ventures. At closing, MEMC will pay $112 million, plus repayment of approximately $22.9 million in intercompany loans and capital contributions. The final purchase price is subject to adjustment based on the actual amount of intercompany loans and capital contributions at closing. The agreement also includes an additional deferred payment of up to $103.6 million should FRV U.S. achieve certain performance targets.