Solar power solutions provider Solar3D Inc. has signed a definitive agreement to acquire Elite Solar, a Durham, Calif.-based solar systems provider.
Solar3D will pay $7.15 million for the company: $2.5 million in cash and $4.65 million in common stock. The purchase agreement calls for additional consideration if certain sales and earnings before interest, taxes, depreciation and amortization milestones are met.
Following the acquisition, Elite Solar will operate as a wholly owned subsidiary of Solar3D and work closely with Solar3D's SUNworks division. The transaction is expected to close on or before Nov. 1.
‘This purchase is consistent with our plan to acquire profitable companies that give us a competitive advantage in the high-growth solar landscape," says Jim Nelson, CEO of Solar3D.
