On the evening of January 27, TCL Zhonghuan announced that it plans to use its own funds to acquire the 100% stake and corresponding equity interests in SPML, a wholly-owned subsidiary of its controlled subsidiary MAXN, through its wholly-owned subsidiary LUMETECH PTE. LTD. The transaction consideration is $58.6 million. This transaction does not constitute a related party transaction or a major asset reorganization.
According to public information, SPML, full name SunPower Philippines Manufacturing Ltd., is primarily responsible for designing, manufacturing, and selling solar modules under the MAXEON and SunPower brands, with products distributed globally in the photovoltaic rooftop and power station markets. From January to August 2024, the company achieved a revenue of 139.684 million and net profit of 23.573 million. Currently, SPML remains a wholly-owned subsidiary of MAXN, a controlled subsidiary of TCL Zhonghuan, making it a grandchild company of TCL Zhonghuan. Upon completion of this acquisition, SPML will become a wholly-owned subsidiary of TCL Zhonghuan.
TCL Zhonghuan stated that this transaction will benefit the company in further integrating overseas manufacturing and channel resources, enhancing synergistic management capabilities, and promoting its global business development, aligning with the company’s overall strategic planning. It will help leverage the advantages of all parties, optimize business and product structures, improve operational management efficiency, and enhance the company’s ability to resist risks associated with industry cycles.
Previously, on November 27, 2024, TCL Zhonghuan announced its intention to purchase the 100% stake in SPML (Cayman), a wholly-owned subsidiary of MAXN, the 100% stake in MAXN’s non-U.S. sales subsidiaries, and related tangible and intangible assets including the SunPower trademark.
Data shows that MAXN, a controlled subsidiary of TCL Zhonghuan, is an important layout for the company’s global business development, possessing a series of patents for IBC battery-modules, TOPCon battery technology, shingled modules, as well as advantages in branding and channels. This transaction aims to better cope with industry downward pressure, leverage the comparative advantages and business synergies of both parties, further promote resource integration and optimal allocation, facilitate the optimization of its subsidiary’s business structure, and improve the company’s business layout in the global market.
