Aquillian Investments exits investment in Zep Solar
Oct 11, 2013 (MarketLine Financial Deals Tracker via COMTEX) --
Zep Solar, Inc., a provider of residential photovoltaic module mounting systems, has agreed to be acquired by SolarCity Corporation, a provider of clean energy services, for approximately $158 million. Both the companies are based in the US.
Zep Solar has been backed by Aquillian Investments, LLC.
Upon completion of the transaction, Zep Solar will operate as an independent business unit of SolarCity.
The consideration is payable in shares of SolarCity common stock, and is subject to reduction for the amount of net indebtedness of Zep Solar as of the closing.
Fenwick is acting as legal advisor to Zep Solar. The transaction is expected to close in December 2013.
Deal Type Venture Finance
Deal Status Announced: 2013-10-09
Target (Company) Zep Solar, Inc.
Acquirer (Company) SolarCity Corporation
According to Zep Solar, "The combination of SolarCity and Zep Solar will help both the companies execute a shared vision to bring solar power to the masses."
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