TCL Zhonghuan to Boost Stake in Maxeon Through Purchase of Convertible Bonds

MT Newswires06-04

TCL Zhonghuan Renewable Energy (SHE:002129) will acquire a controlling stake in Singapore-based and Nasdaq-listed Maxeon Solar Technologies for $197.5 million, according to a May 31 filing with the Shenzhen Stock Exchange.

TCL Zhonghuan holds a 22.39% stake in Maxeon. It will increase its stake to at least 50.1% through participation in Maxeon's debt rstructuring program for its 2025 convertible bonds. TCL will then use $97.5 mililon of its funds to purchase Maxeon's guaranteed convertible bonds, the filing said.

The Shenzhen-listed firm will push Maxeon to boost its captial structure and operations and help leverage Maxeon's market and technological innovations, the filing said.

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