Reliance enters agreement to acquire REC Group

Date October 12, 2021
Type M&A Transactions
Subtype Transaction launched
Countries Norway
Subsectors Photovoltaic
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Reliance New Energy Solar, a unit of Indian conglomerate Reliance Industries Ltd, has entered into an agreement with China National Bluestar Group Co Ltd, an affiliate of ChemChina, to acquire the Norwegian solar module manufacturer REC Solar Holdings AS, also known as REC Group for US$771 million enterprise value.

REC Group has operational headquarters in Singapore and regional hubs in Germany and the US. It has produced over 40 million solar panels since it started its operation in 1996.

The transaction is aligned to the expansion to the green energy market of Reliance Industries that is owned by billionaire Mukesh Ambani. Goldman Sachs is the exclusive financial advisor of Reliance Industries while LW44 is providing financial counsel to REC in this deal.

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