Homburger advised Meyer Burger Technology AG on a rights offering in combination with a PIPE transaction to finance the implementation of its strategic transformation
On June 19, 2020, Meyer Burger Technology AG (SIX: MBTN) (Meyer Burger) announced that it had resolved to embark on a major strategic transformation from a supplier of photovoltaic production equipment to a manufacturer of solar photovoltaic cells and modules. On the basis of Meyer Burger’s Heterojunction and SmartWire technologies, production of photovoltaic cells and modules is envisaged to start in Germany in 2021.
In order to finance this strategic transformation and the related ramp-up of production capacities in particular, an extraordinary general meeting of Meyer Burger resolved to effect a capital increase targeting gross proceeds of CHF 165 m. The capital increase comprises a rights offering to existing shareholders and a private placement of new shares (PIPE). The investors in the PIPE also entered into backstop underwriting commitments in the rights offering. Closing is expected to occur on July 29, 2020.
Homburger AG acted as legal counsel to Meyer Burger on this transaction. The Homburger team was led by partner Dieter Gericke (Corporate / M&A, Capital Markets) and included associates Lorenzo Togni, Anna Peter, Angela Oppliger and Timo Hasler (all Corporate / M&A, Capital Markets) and junior associates Marc Abplanalp and Oliver Mrose (both Corporate / M&A, Capital Markets). Tax advice was rendered by partner Stefan Oesterhelt (Tax).