Hong Kong (August 12, 2010) - Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that the firm has advised Hanwha Chemical Corporation (Hanwha Chemical), a leading global chemicals company headquartered in Korea, in its equity investment in Solarfun Power Holdings Co., Ltd. (Solarfun), a NASDAQ-listed vertically integrated PRC manufacturer of silicon ingots, wafers and photovoltaic cells and modules, as well as a share purchase from two major shareholders in a transaction valued at approximately US$370 million. The strategic relationship between the two companies includes an agreement by Hanwha Chemical to purchase 36,455,089 ordinary shares from Solarfun.
Hanwha Chemical has also entered into separate agreements to acquire from Good Energies II LP and Yonghua Solar Power Investment Holding Ltd., a company owned by Solarfun's Chairman, Mr. Yonghua Lu, a total of 120,407,700 Solarfun ordinary shares and 1,281,011 Solarfun American Depositary Shares (ADSs), representing all of the ordinary shares and ADSs held by them. Following the closing of the purchase of shares and ADSs and the transactions contemplated thereby, Hanwha Chemical will own 49.99% of Solarfun's outstanding shares and hold a 49.99% voting interest in Solarfun.
Partners Daniel Kim and Jeff Hartlin led the Paul Hastings team, which included partner Deyan Spiridonov and associates Dongho Lee, Samantha Eldredge and Celia Chau.
We are delighted to be involved in this strategic investment transaction which represents a landmark collaboration between Korean and Chinese companies in the global solar energy industry. This deal reaffirms Paul Hastings position as a leader in cross-border M&A transactions and strategic alliances for Asian companies, said Daniel Kim, a partner in the Paul Hastings Korea team.
This transaction required technical legal advice given the complex structure of the investment and the jurisdictions and regulatory issues involved. Paul Hastings was able to leverage our expertise in Korean and PRC transactions, as well as our U.S. public company expertise, to bring about a successful result for our client. added Jeff Hartlin, a partner in the corporate practice of Paul Hastings based in its Palo Alto and San Francisco offices.
Paul, Hastings, Janofsky & Walker LLP is a leading global law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.