On August 2, 2009, Robert Bosch GmbH signed agreements on the acquisition of 39.43% of the shares in aleo solar AG, Prenzlau and Oldenburg. The purchase price for these shares is 46 million euros and corresponds to a price of 9.00 euros per share. Moreover, Bosch intends to make a voluntary public takeover offer to all aleo shareholders, wherein Bosch will also offer, in cash, 9.00 euros per share. The overall transaction is conditional on Bosch holding at least 75% of the aleo shares following the conclusion of the public takeover offer. In addition, the deal is subject to approval by the cartel authorities.
aleo is an established brand manufacturer of solar modules that are produced on the basis of additionally purchased mono- und polycrystalline solar cells. The modules are sold via a wide network of specialised dealers and installers to end-customers in Germany and other key European markets. In 2008, the company generated sales of around 360 million euros and had approximately 800 employees. This acquisition will give Bosch broad access to the market, especially after its purchase of solar cell manufacturer ersol Solar Energy AG in 2008.
In addition, Bosch will acquire more than 60% of the shares in Johanna Solar Technology GmbH, Brandenburg an der Havel, in which aleo also holds a stake of approx. 17%. In 2006, Johanna Solar Technology began developing CIGS thin-layer solar modules and started production at the end of 2008. The thin-layer modules are sold via aleo. The company has 125 employees.
The primary advisors from Bosch’s legal department were Dr. Wolfgang Kübler and Matthias Klatt.
Bosch was advised on the transaction by Gleiss Lutz. The Gleiss Lutz team for Bosch included the following lawyers: Prof. Dr. Gerhard Wegen (partner), Dr. Christian Cascante (partner), Dr. Jochen Tyrolt (all lead) as well as Dr. Martin Viciano Gofferje (all corporate/M&A, Stuttgart).
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