Pursuant to the Proposed Transactions, the Partnership’s Class A shareholders and First Solar, Inc. (NASDAQ: FSLR) (“First Solar”) and SunPower Corporation (NASDAQ: SPWR) (“SunPower” and, together with First Solar, the “Sponsors”), as holders of common and subordinated units in OpCo, will receive $12.35 per share or per unit in cash, plus a preset daily amount representing cash expected to be generated from December 1, 2017 through closing less any distributions received after the execution of the Merger Agreement and prior to closing. No consideration will be received by the Sponsors for the incentive distribution rights and the GP Transfer.
The completion of the Proposed Transactions is subject to a number of closing conditions, including approval by a majority of the outstanding 8point3 public Class A shareholders, the expiration of the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, Federal Energy Regulatory Commission (FERC) Section 203 approval and the approval of the Committee on Foreign Investment in the United States (CFIUS). The Sponsors, which are the indirect owners of our General Partner and approximately 65.5% of the outstanding OpCo’s units, have executed an agreement to vote in support of the Proposed Transactions. Additionally, the Proposed Transactions are subject to certain other customary closing conditions. It is anticipated that the closing of the combination will occur in the second or third fiscal quarter of 2018.
Baker Botts Lawyers/Office Involved:
Corporate: Joshua Davidson (Partner, Houston); Jonathan Bobinger (Partner, Houston), Mary Ytterberg (Associate, Houston), and Sunil Jamal (Associate, Houston)
Tax: Michael Bresson (Partner, Houston) and David Morris ( Senior Associate, Palo Alto)
Finance: Daniel Tristan (Partner, Houston)
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