NEW YORK (
) -- Solar panel manufacturer
, a France-based global solar provider, from
for $165.4 million in cash.
When the acquisition closes in early 2012, Total will buy 18.6 million SunPower shares in a private placement for $8.80 a share, a 50% premium to SunPower's closing price Thursday of $5.85.
Total will own 66% of SunPower's shares after the sale of Tenesol is completed.
Tenesol operates in 18 countries and has installed more than 15,000 solar operations across the globe. The company anticipates 2011 revenue of €200 million.
Shares of SunPower rose 25%, or $1.45, to $7.30 in premarket trading on Friday.
-- Written by Alexandra Zendrian
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