REC Silicon announces stock sale

OSLO, Norway/MOSES LAKE — REC Silicon announced on Tuesday that South Korea-based Hanwha Solutions has purchased or has agreed to purchase 89.7 million shares of REC stock.

Hanwha, which makes the Q Cell solar panel, formally completed the purchase of 70.1 million shares formerly held by Norway-based Aker Horizons Holding company and has agreed to buy another 19.6 million shares currently owned by Aker Horizon.

Once completed, the deal would give Hanwha control of 21.3% of REC’s outstanding stock.

In both deals, Hanwha agreed to pay 20 Norwegian kroner per share — $2.06 — well above the closing price for REC stock on Tuesday of 16.47 Norwegian kroner — $1.70 — per share on the Oslobørs, Norway’s stock exchange, up 1.7% from the Monday’s closing price.