HQ Equita will acquire all of Muegge GmbH's business division, including its subsidiary Gerling Applied Engineering Inc. based in Modesto CA, as well as its approximately 100 employees.
This is subject to customary market conditions and must still be approved by the authorities in Germany. The transaction is expected to be completed towards the end of September 2020.
Meyer Burger expects a cash inflow of approximately CHF 24 million and a book profit of approximately CHF 4 million from the transaction. The contract additionally includes an earn-out of CHF 2.5 million in 2022 based on agreed financial targets in 2021.
As part of its focus on the transformation of Meyer Burger into a manufacturer of solar cells and modules, the company has decided to sell the non-strategic business unit.
HQ Equita is part of the Harald Quandt-Group, based in Bad Homburg.
“Muegge, as a technologically driven company with a strong position in its niche market, is an ideal match for HQ Equita. With its dynamic management team and leading R&D and engineering capabilities, the company is ideally positioned to serve a growing range of applications in international markets," said Frank Schäfer, partner with HQ Equita.