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Mayer Brown advised Microsol on the acquisition of key assets of insolvent SOLON

7 March 2012

Mayer Brown LLP advised Indian-Arab company Microsol on its acquisition of key assets of the insolvent SOLON SE and its German subsidiaries. Microsol implements the acquisition through its newly formed German subsidiaries SOLON Energy GmbH and SOLON Modules GmbH. SOLON Energy GmbH will become the core of the new SOLON group as part of Microsol. It will continue the SOLON site at Berlin-Adlershof. The purchase price was not disclosed.

Microsol produces solar cells in Fujairah (United Arab Emirates) for its core markets of the Arab and Asian countries, with special emphasis on India. Founded in 2003, the company has 325 employees. Microsol and SOLON have successfully cooperated in the area of solar cell technology in recent years. The acquisition of the business of SOLON allows access to the European and North American market and the extension of the range of specialized product innovations.

SOLON, located in Berlin-Adlershof, produces high quality solar power modules and is a provider of a variety of solar systems for rooftop, roof integrated and greenfield installations. SOLON is also a specialist for the development, construction, and maintenance of large-scale turnkey power plants worldwide. SOLON has around 600 employees and subsidiaries in the US (Tucson) and Italy (Carmignano di Brenta). The German SOLON companies filed for insolvency in December 2011.

Microsol had already been interested in investing into stock exchange listed SOLON SE before the insolvency proceedings. Mayer Brown had advised during that period as well and conducted a due diligence. The contact to Microsol exists already since 2005 through the Senior Counsel John Faylor.

Purchase from insolvency:

The Mayer Brown team working on the transaction included partners Dr. Rainer Markfort (lead, Insolvency, Düsseldorf), Dr. Ulrike Binder (Corporate, Frankfurt), Dr. Nicolas Rößler (Employment, Frankfurt), Dr. Jens Peter Schmidt (Antitrust, Brussels/Düsseldorf), Dr. Ulrich Worm (IP, Frankfurt), Matthias J. Meckert (Real Estate, Frankfurt), Senior Counsel John Faylor (Corporate, Frankfurt) as well as associates Thomas Schubert (Insolvency, Düsseldorf), Dr. Sven Labudda (Corporate, Frankfurt), Elisabeth Pauli (Corporate, Düsseldorf), Holger Faust (Employment, Frankfurt), Elmar Günther (Real Estate, Frankfurt), Isabel Simon (Antitrust, Brussels).

Planned investment into SOLON SE before the insolvency proceedings and due diligence:

The Mayer Brown team working on the transaction included partners Dr. Ulrike Binder (lead, Capital Markets/Corporate, Frankfurt), Carsten Flasshoff (lead, Corporate, Düsseldorf), Dr. Jens Peter Schmidt (Antitrust, Brussels/Düsseldorf), Matthias J. Meckert (Real Estate, Frankfurt), Dr. Marius Boewe (Corporate, Düsseldorf), Senior Counsel John Faylor and Counsel Dr. Christoph Broich (both Corporate, Frankfurt) as well as associates Thomas Schubert (Insolvency, Düsseldorf), Dr. Malte Richter, Dr. Sven Labudda (Corporate, Frankfurt), Petra Fendt, Marc Bäumer (both Finance, Frankfurt), Elmar Günther (Real Estate, Frankfurt), Boris Blunck (Employment, Frankfurt) Isabel Simon (Antitrust, Brussels).

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    Marketing & Business Development
    T +49 69 7941 1038

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