French oil giant Total Plc has closed on the purchase of a 60 percent stake in U.S. solar panel maker SunPower Corp for $1.4 billion, Sunpower said on Tuesday.
The final price was slightly above the $1.3 billion figure previously tagged to the deal because of a higher number of shares that were accepted under the tender offer, SunPower said.
SunPower CEO Tom Werner has said the deal will give the company greater financial power and a broader geographical footprint to expand its business.
Solar companies are facing sharply declining prices for their solar panels this year as manufacturers increase output even as subsidies in many of the key European markets shrink.
In a statement, SunPower said 34,756,682 shares of its Class A common stock and 25,220,000 shares of Class B common stock had been purchased by Total at a price of $23.25 per share.
The companies had previously said 30,220,701 shares of Class A stock had been sold.
SunPower’s Class A shares rose nearly 7 percent to $17.50 per share in premarket trading.
