SolarCity To Buy Zep Solar For About $158 Mln - Quick Facts
(RTTNews.com) - SolarCity Corp.(SCTY), a clean energy provider, Wednesday said it entered into a definitive agreement to acquire Zep Solar, Inc., for about $158 million. The price is payable in SolarCity's common shares, and is subject to reduction for the amount of net indebtedness of Zep Solar as of the closing. Zep Solar is a provider of residential photovoltaic module mounting systems, and has been one of SolarCity's primary component suppliers for residential systems in 2013. The deal is expected to close in December.
After the deal closure,Zep Solar will operate as an independent business unit of SolarCity, and the comapnies have planned to market and sell Zep Solar products in Australia, Germany, Japan and the United Kingdom.
"By acquiring Zep Solar, we can deliver solar electricity at a lower cost than was previously possible," said Tanguy Serra, SolarCity's executive vice president of operations.
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