Flexible Electronics News

Sovello AG Sold to Ventizz Capital Fund IV, a German Private Equity Firm

REC, Evergreen and Q-Cells, equal partners in Sovello AG, have entered into an agreement to sell 100 percent of the shares

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By: DAVID SAVASTANO

Editor, Ink World Magazine

REC, Evergreen and Q-Cells, equal partners in Sovello AG, have entered into an agreement to sell 100 percent of the shares in Sovello to Ventizz Capital Fund IV, L.P. As referred to in the Q4 2009 report, the shareholders of Sovello AG on February 5, 2010, signed a non-binding term sheet for the sale of 100 percent shares in Sovello. As earlier communicated, REC recognized impairment charges and provisions related to Sovello per December 31, 2009. These are estimated to be sufficient to co...

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