Law360 (October 23, 2009, 2:20 PM EDT) -- MEMC Electronic Materials Inc. has reached a definitive agreement to acquire SunEdison LLC for an initial closing price of $200 million, with the possibility of another $140 million to be paid later.
The $200 million will be paid to SunEdison's security holders in 70 percent cash and 30 percent MEMC stock. The agreement, announced Thursday, includes an $89 million earnout provision if SunEdison reaches certain performance targets in 2010, $17 million in cash in employee retention payments and another $34 million in stock if SunEdison meets certain criteria.
“In short, we believe MEMC and SunEdison make a powerful combination, and we...
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