Qatar Solar Technologies and E. h. Frank Asbeck, Chief Executive Officer of SolarWorld Aktiengesellschaft (XTRA:SWVK) signed a purchase and transfer agreement to acquire certain assets of SolarWorld Aktiengesellschaft (XTRA:SWVK) for €96 million on August 8, 2017. The purchase price essentially consisted of refinancing liabilities and security rights, which were available to the financial creditors. The acquisition includes almost all property, plant and equipment and all inventories and intangible assets of SolarWorld AG, SolarWorld Industries Sachsen GmbH, SolarWorld Innovations GmbH, SolarWorld Industries Thüringen GmbH, as well as ownership interests in SolarWorld Africa (Pty) Ltd., SolarWorld Asia Pacific PTE Ltd., SolarWorld France S.A.S. and SolarWorld Japan KK (targets). The acquisition doesn’t include the US subsidiary of SolarWorld Aktiengesellschaft. The German production sites of Solarworld, which has been insolvent since May, will continue to work with the new owner and a reduced workforce. Following the acquisition, Qatar Solar Technologies will hold 49% stake in the targets while E. h. Frank Asbeck will hold 51%. The purchase price consists predominantly in the repayment of liabilities that are secured by the creditor's protection rights. Well over 500 employees will move to the buyers. The agreement is subject to various conditions precedent including approval by creditors on August 11, 2017. As of August 11, 2017, the transaction was approved by the creditors' assemblies of SolarWorld and Bundeskartellamt (German Federal Cartel Office). Horst Piepenburg, Klaus W. Gerling, Peter C. Minuth, Wolfgang Piroth, Ulrich Schmidt, Christian Schwindt, Anja Körtje, Martin Junior of Piepenburg Gerling acted as insolvency administrators for SolarWorld Aktiengesellschaft. Mathias Eisen, Peter Nussbaum, Thomas Kleinheisterkamp, Alexander Rinne, Arndt Stengel, Nikolas Koutsós, Gerrit Merkel, Tim Löper, Benjamin Leuchten, Dennis Seifarth and Moritz Lichtenegger of Milbank, Tweed, Hadley & McCloy LLP acted as legal advisors to Qatar Solar Technologies. Franz Aleth, Kai Hasselbach, Christian Sistermann, David Beutel, Ulrich Scholz, Nils Derksen, Judit Gajdics, Gerard Hendrik van Echten, Dörthe Imberg, David Rauch, Maximilian Huprich, Christian Marquart, Thomas Granetzny, Sarah Kutsche, Johann Ante of Freshfields Bruckhaus Deringer and Helmut Balthasar, Christoph Janssen, Thomas Lange, Oliver Wilken and Thomas Rühle of Görg acted as legal advisors for insolvency administrators. Guido Plassmeier of Schmitz Knoth acted as legal advisor for Asbeck.