Hanwha will acquire all equity of Norwegian polysilicon manufacturer REC Silicon, as a measure following the company's operational deterioration.
According to Hanwha Corp. on the 25th, Hanwha Corp. and Hanwha Solutions will acquire 100% of REC Silicon's equity through its Norwegian subsidiary, Anchor AS, for approximately 925 million kroner (about 120 billion won).
Recently, REC Silicon's board unanimously approved Hanwha's acquisition proposal, which included these details. The company stated that it comprehensively considered factors such as price levels and synergies arising from business combination.
Hanwha Corp. and Hanwha Solutions became the largest shareholders in March 2022 by securing 33.34% of REC Silicon's equity. In October of the same year, Kim Dong-kwan, Vice Chairman of Hanwha Group, was appointed as Vice Chairman of the REC Silicon board.
A Hanwha official noted, "In light of REC Silicon facing serious financial difficulties and strategic challenges, we felt a responsibility as the majority shareholder and decided to proceed with a voluntary public tender offer."
Hanwha will acquire all shares of REC Silicon and intends to delist from the Oslo Stock Exchange. Even after delisting, the company plans to stabilize management through appropriate financial support and governance efficiency.