Transformer manufacturer enters into a merger agreement
USA, New Jersey: Jinpan International Limited, a manufacturer of cast resin transformers, has announced that it has entered into a merger agreement with FNOF E&M Investment Limited and Silkwings Limited, a wholly owned subsidiary of FNOF E&M Investment Limited, according to PR Newswire.
Forebright Smart Connection Technology Limited, a special purpose vehicle established by Forebright New Opportunities Fund, and Jinpan’s CEO Zhiyuan Li have committed to invest $75.5 million in FNOF E&M at or immediately prior to the effective time of the agreement, reports PR Newswire.
The merger, which is currently expected to close during the first half of 2016, is subject to customary closing conditions.
Source: PR Newswire