NEW YORK (AP) -- Solar power equipment company LDK Solar Co. said Thursday it completed the buyout of a 70 percent interest in Solar Power Inc. for $33 million.
LDK, based in China, said it paid an initial $10 million in January and has now completed the transaction with a second payment of $23 million. Solar Power is based in Roseville, Calif.
"Solar Power provides a strong strategic complement to our downstream vertical integration opportunities and provides LDK Solar and Solar Power the opportunity to jointly explore opening manufacturing operations in the U.S. to further enhance Solar Power's competitive advantage in North America," said Xiaofeng Peng, chairman and CEO for LDK Solar, in a statement.
Its shares rose 3 percent to $12.31 in pre-market trading.