CBD invested $1m in California-based Westinghouse last December and the companies announced merger plans in February.
The companies signed a definitive agreement that will see Westinghouse Solar shareholders receive about 3.7 shares of CBD common stock for each Westinghouse Share. Preferred shares in the companies will be exchanged one-for-one.
Westinghouse shareholders will own 15% of the CBD shares after the transaction.
Westinghouse chief executive Barry Cinnamon is leaving the company, to be replaced on an interim basis by current chief financial officer Margaret Randazzo.
She
