SunEdison plans to spinoff semiconductor operations

first_imgSunEdison plans to spinoff semiconductor operationsU.S. photovoltaic developer SunEdison announced today that its board of directors has unanimously decided to spin off its semiconductor operations, forming a new company SunEdison Semiconductor Inc. A minority stake in the business will be offered in an IPO. August 23, 2013 Jonathan Gifford Legal Markets Markets & Policy Share On the same day that Norwegian photovoltaic manufacturer REC announced a new offer to bondholders in an attempt to secure the separation of its semiconductor business from its other operations, U.S. developer SunEdison announced plans to spin off its polysilicon operations. The firm plans to offer an IPO in the newly formed SunEdison Semiconductor to repay existing debts amongst other non-specified ends. The IPO is scheduled for early 2013. What the IPO may raise is yet to be determined. “This new structure will allow each independent company to pursue its shareholder value generating strategies, focus on key markets and customers, optimize capital structures, and enhance access to growth capital for each company in the years ahead,” said Ahmad Chatila, SunEdison CEO. Reuters reported that shares in the company jumped 23% on the news, marking the biggest increase in a year. The company posted a loss of over $100 million in its Q2, 2013, results this month but announced that its project pipeline is in excess of 2 GW. 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