SMA intends to form strategic partnership with Danfoss Group; Danfoss to acquire 20% of shares in SMA.

SMA Solar Technology AG / Key word(s): Alliance

26.02.2014 09:06

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Ad-hoc announcement of SMA Solar Technology AG

SMA intends to form strategic partnership with Danfoss Group; Danfoss to
acquire 20% of shares in SMA.

Niestetal, 26th February 2014 - the Supervisory Board of SMA Solar
Technology AG (SMA/FWB: S92) today approved the signing of a Letter of
Intent regarding the formation of a strategic partnership with the Danish
Danfoss Group. This partnership shall comprise a cooperation in the areas
of Research and Development, Procurement and Sales. In addition SMA shall
take over the solar inverter business of Danfoss. Details of the
transaction are still negotiated by the parties and are subject to
anti-trust approval.

Moreover Danfoss will acquire 20% of the shares in SMA Solar Technology AG.
A corresponding share purchase agreement shall be signed today between
Danfoss A/S and several main shareholders, however under the condition
precedent of necessary approval by corresponding public authorities and the
implementation of the strategic partnership between SMA and Danfoss. The
purchase price under the share purchase agreement of EUR43,57 per share
includes a strategic premium of 50 % compared to the volume-weighted
average price of the last 60 days. The share purchase agreement provides
for a lock-up period for Danfoss, according to which Danfoss is restrained
from both selling and acquiring additional shares in SMA for a period of
two years.

With the acquisition of Danfoss' solar inverter business, SMA will increase
the attractiveness of its product portfolio and its ability to serve
important solar markets (China, U.S. and Europe) especially in the segment
of medium-sized photovoltaic installations. The strategic partnership shall
enable SMA to benefit from the experiences of Danfoss in the area of
automated drives in particular by further cost reductions. Beyond that,
additional synergies can be achieved in the supply chain, such as the
reciprocal supply with components and bundling of order volumes. The
strategic partnership sustainably strengthens the competitiveness of
Danfoss and SMA.

End of ad-hoc announcement

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Language: English
Company: SMA Solar Technology AG
Sonnenallee 1
34266 Niestetal
Phone: +49 (0)561 / 9522 - 0
Fax: +49 (0)561 / 9522 - 100
E-mail: info@sma.de
Internet: www.sma.de
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart

End of Announcement DGAP News-Service


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SMA Solar Technology AG

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Sonnenallee 1
34266 Niestetal