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LDK Solar Co., Ltd. (NYSE:LDK), a leading manufacturer of multicrystalline solar wafers, today announced that it has entered into an agreement to purchase the crystalline module manufacturing plant of Best Solar Co., Ltd. Under the terms of the transaction LDK Solar will purchase Best Solar's crystalline module manufacturing plant at cash consideration of $21.5 million, representing the fair value of the assets acquired determined on an arms-length basis.
"This acquisition will significantly enhance LDK Solar's position in the downstream PV market," stated Jack Lai, Executive Vice President, Chief Financial Officer, and Secretary of LDK Solar. "LDK Solar has been fulfilling the majority of its solar module needs through purchases from Best Solar over the past three quarters. We look forward to realizing cost efficiencies by bringing crystalline module manufacturing in-house. This acquisition represents an important step as we continue to expand the scope of our vertical integration and strengthens our competitive advantage within the sector."
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