January 26, 2010 -- China's A-Power Energy Generation Systems Ltd. has received the Approval Certificate of Foreign Investment from the National Development & Reform Commission (NDRC) and Ministry of Commerce in China to complete its planned acquisition of Japan's Evatech Co. Ltd. The transaction is valued at US $49.9 million and was paid in cash.
On September 16 2009, A-Power signed a definitive contract to acquire 100% of Evatech, a designer and manufacturer of industrial equipment for LCDs (liquid crystal displays), PDPs (plasma display panels) and, more recently, amorphous-silicon (a-Si) photovoltaic (PV) panels.
Evatech is currently undergoing a rehabilitation process in the courts of Japan related to its corporate and debt restructuring. A-Power is expected to fund 100% of the transaction, 45% of which is expected to be reimbursed from foreign-investment grants from various levels of the local government in China.
The transaction was expected to be completed by the company and close prior to December 31, 2009 however, A-Power applied to the courts in Japan for an extension of the funding date to January 25, 2010, which was granted.
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