SunPower To Create Two Publicly-Traded Companies Through Spin-off Of Maxeon

(RTTNews) - SunPower (SPWR) announced plans to separate into two independent, and publicly-traded companies - SunPower and Maxeon Solar Technologies (Maxeon Solar). SunPower's Board and a special committee of independent directors unanimously approved the transaction.

Concurrent with the deal, an equity investment of $298 million will be made in Maxeon Solar by partner Tianjin Zhonghuan Semiconductor. After the completion of the transactions, TZS will own approximately 28.848 percent of the diluted ordinary shares of Maxeon Solar with approximately 71.152 percent will be owned by SunPower shareholders.

Headquartered in Singapore, Maxeon Solar will be a global technology innovator, manufacturer and marketer of premium solar panels. Its ordinary shares are expected to be traded on NASDAQ. Jeff Waters, currently chief executive officer of SunPower's Technologies business unit, has been named Maxeon Solar's CEO.