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China: Ming Yang agrees to go private In $408 million cash deal

By  |  February 3, 2016
China: Ming Yang agrees to go private In $408 million cash deal

Wind turbine manufacturer China Ming Yang Wind Power Group announced Wednesday that it has entered into a definitive merger agreement on February 2, to be acquired by a consortium of investors in an all-cash transaction valued at approximately $408 million.

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    The consortium includes Chuanwei Zhang, Ming Yang’s Chairman and Chief Executive Officer, and certain of his affiliates, Dajun Guangcheng Capital Fund and Guangzhou Huifu Kaile Investment.

    The consortium intends to fund the merger through a combination of cash contributions from the investors.

    The Company’s board of directors approved the Merger Agreement and the merger and resolved to recommend that its shareholders vote to authorize and approve the deal.

    The merger, which is currently expected to close during the first half of 2016, is subject to customary closing conditions.

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