SolarCity to acquire 100% stake in Zep Solar
Oct 11, 2013 (MarketLine Financial Deals Tracker via COMTEX) --
SolarCity Corporation, a provider of clean energy services, has entered into a definitive agreement to acquire 100% stake in Zep Solar, Inc., a provider of residential photovoltaic module mounting systems, for approximately $158 million. Both the companies are based in the US.
Zep Solar has been backed by Aquillian Investments, LLC
Upon completion of the transaction, Zep Solar will operate as an independent business unit of SolarCity.
The consideration is payable in shares of SolarCity common stock, and is subject to reduction for the amount of net indebtedness of Zep Solar as of the closing.
Fenwick is acting as legal advisor to Zep Solar. The transaction is expected to close in December 2013.
Deal Value (US$ Million) 158
Deal Type Acquisition
Sub-Category 100% Acquisition
Deal Status Announced: 2013-10-09
Target (Company) Zep Solar, Inc.
Acquirer (Company) SolarCity Corporation
Vendor (Company) Undisclosed Vendors
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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