American solar energy company SolarCity has finalized its acquisition of Zep Solar for a reported aggregate fee of $158 million, including 2.75 million shares of SolarCity common stock.
Zep Solar will also have a further option to acquire an aggregate of 303,151 shares of common stock, "based on the volume weighted average price per share of SolarCity common stock for the ten trading day period prior to the effective date of the merger," according to a SolarCity press statement.
The initial acquisition agreement was announced on October 9, with the transaction closing this week as SolarCity ramps up its expansion throughout the U.S. and pursues further growth via the recent offering of bonds to institutional investors. The company hopes to open 10 new operation centers in California alone before the end of the year, with further growth earmarked for 2014.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.