SunPower announces sponsored spin-off of solar panel production operations
Clients SunPower Corporation
Jones Day is advising SunPower Corporation (NASDAQ: SPWR), one of North America's largest solar-panel makers, in a sponsored spin-off of its solar panel production operations into a new public company – Maxeon Solar Technologies – which will be headquartered in Singapore. As part of the transaction, SunPower will distribute 100% of its equity interests in Maxeon Solar to SunPower's shareholders, and immediately following the distribution, Tianjin Zhonghuan Semiconductor Co., Ltd. ("TZS"), a premier global supplier of silicon wafers, will make a capital investment of $298 million into Maxeon Solar in exchange for newly issued shares of Maxeon Solar. Upon completion of the transactions, TZS is expected to hold approximately 28.848% of the fully diluted shares of Maxeon Solar and SunPower's shareholders will hold approximately 71.152%. SunPower expects to complete the transactions in the second quarter of 2020, subject to the satisfaction of various closing conditions.