Japanese trading house Itochu Corp. agreed to pay 7.7 million euros ($11 million) for a 43 percent stake in Greenvision Ambiente SpA's unit Photo-Solar.
Itochu, based in Tokyo, bought the stake through a capital increase carried out by the solar-energy unit, Greenvision said in a stock-exchange statement today. The company designs and builds photovoltaic panels, which produce electricity using sunlight. Two of the unit's five directors will be appointed by Itochu.
Greenvision shares rose 40 cents, or 2 percent, in Milan trading to 20.20 euros, giving the San Polo D'Enza, Italy-based company a market value of 118 million euros ($168 million).
