BERLIN (AP) -- Auto parts maker Robert Bosch GmbH said Monday that it is buying a majority stake in ersol Solar Energy AG, a German-based maker of silicon solar cells, in a euro546.4 million (US$850 million) deal.
Bosch said it signed an agreement with financial investor Ventizz to buy 50.45 percent of ersol, a deal that it said is aimed at expanding its reach in the area of renewable energies.
Erfurt-based ersol employs about 1,000 people and had global sales of euro160 million (US$249 million) last year.
Bosch said in a statement that the purchase price was equivalent to euro101 (US$157.15) per ersol share.
It added that it intends to make a public takeover offer at the same price in cash to all other ersol shareholders. The company's shares soared 63 percent in Frankfurt trading Monday to euro100.85 (US$156.91).
Bosch said the acquisition is subject to approval by antitrust authorities.