NEW YORK (

TheStreet

) -- Solar panel manufacturer

SunPower

(SPWR) - Get Report

acquired

Tenesol

, a France-based global solar provider, from

Total

(TOT) - Get Report

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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