The board of directors of SunEdison Inc. unanimously approved an initial public offering of its semiconductor business to create SunEdison Semiconductor, Inc.
SunEdison plans to sell a minority ownership interest in the semiconductor business to the public. SunEdison expects to use proceeds from the separation to fund initiatives related to the solar power business, to repay existing indebtedness and for general corporate purposes.
The newly formed SunEdison Semiconductor will operate as an independent company with a new board of directors.
SunEdison expects to file a registration statement with the Securities and Exchange Commission (SEC) in the third quarter of 2013, with the initial public offering scheduled by early 2014, subject to market conditions. A final decision regarding the amount of interest to be sold to the public at the time of the initial public offering will be determined by SunEdison's board at a date to be determined.