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Ascent Solar to sell 20 percent stake to TFG Radiant Group

BANGALORE (Reuters) - U.S. photovoltaic cell maker Ascent Solar Technologies Inc agreed to sell about a fifth of its shares and jointly set up manufacturing units in east Asia with China's TFG...

BANGALORE (Reuters) - U.S. photovoltaic cell maker Ascent Solar Technologies Inc agreed to sell about a fifth of its shares and jointly set up manufacturing units in east Asia with China's TFG Radiant Group, in a deal valued of about $450 million.

Ascent sold 6.4 million shares at $1.15 per share, a 56 percent premium to the stock's Friday close of 73 cents on Nasdaq.

TFG will also receive the right to purchase an additional 9.5 million Ascent shares at $1.55 per share.

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