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 percent 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 percent of the fully diluted shares of Maxeon Solar and SunPower's shareholders will hold approximately 71.152 percent. SunPower expects to complete the transactions in the second quarter of 2020, subject to the satisfaction of various closing conditions.