Shurya Vitra Acquires Emeren Group (SOL) for $159.5 Million

The acquisition of Emeren Group (SOL) by Shurya Vitra for a closing value of  $159.5 million. Shurya Vitra will acquire Emeren Group (SOL) for $0.20 per ordinary share or $2.00 per ADS (each ADS represents 10 shares). (Press Release)

In March, Shah Capital made a non-binding offer to acquire the remaining shares it doesn’t own for $2.00/share in cash. The stock was trading at $1.19 before the news.

Deal Structure:

Shurya Vitra will acquire Emeren Group (SOL) for $0.20 per ordinary share or $2.00 per ADS (each ADS represents 10 shares). Upon closing, Emeren will merge with a wholly owned subsidiary of Shurya Vitra and become a privately held company, with its shares delisted from the NYSE.

Himanshu H. Shah, founder of Shah Capital, has committed to funding Shurya Vitra’s equity contribution at or before closing, covering the merger consideration and related expenses, excluding termination fees and obligations under the limited guarantee he provided to Emeren.

Company Profile:

Emeren Group is a solar project developer, owner, and operator. The company specializes in the solar project lifecycle, construction management, and financing services.

Financial and Legal Advisory:

Kroll is serving as the financial advisor to Emeren Group. Morrison & Foerster is acting as U.S. legal counsel to Emeren Group, while Harney Westwood & Riegels (UK) is serving as its British Virgin Islands legal counsel.

DLA Piper (US) is serving as U.S. legal counsel to Shurya Vitra and Himanshu H. Shah.

The stock is optionable.

Shurya Vitra is acquiring Emeren Group at 1.07 times sales and 13.66 times EBITDA.

Deal Metrics:

For a comprehensive understanding of this merger transaction, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Emeren Group Ltd (SOL) by Shurya Vitra Ltd.

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• A spread history chart of the merger from announcement through eventual completion or failure.
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• A history of deal updates.
• And much more.

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