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Roth & Rau buys OTB Solar and sets up thin-film venture

Mon Feb 8 2010, 10:11 AM UTC

German solar equipment maker Roth & Rau is paying EUR35.5m (USD48.5m) to acquire the solar subsidiary of Netherlands-based OTB Group. The deal comprises EUR30m (USD41m) in newly issued Roth & Rau shares, with the remaining EUR5.5m (USD7.5m) to be paid in cash. The new shares will be subject to a 16-month lockup period. OTB Solar develops solar manufacturing technologies and equipment. OTB claims to have orders worth around EUR50m (USD68.3m).

Deal Details

Status completed
Amount US$35.5m
Buyer Roth & Rau
Sellers
- CTF Solar
- OTB Solar

Last week, Roth & Rau subsidiary CTF Solar formed a joint venture with an undisclosed Chinese firm to build a solar panel manufacturing plant in China. The facility will produce cadmium telluride-based thin film photovoltaic cells and will initially have an annual capacity of 80MW. CTF will supply the turnkey production line in a deal expected to be worth close to EUR100m (USD137m).