SolarCity Corp. has entered into an agreement to acquire California-based photovoltaic mounting provider Zep Solar Inc. for approximately $158 million. Upon close of the acquisition, Zep Solar will operate as an independent business unit of SolarCity.
The purchase price 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. The transaction is expected to be completed in December, subject to customary closing conditions.
‘Zep Solar has a very talented team and an extremely strong patent portfolio,’ says Tanguy Serra, SolarCity's executive vice president of operations. ‘We plan to continue to offer the Zep Compatible platform to international installers. We will also continue to maintain the open nature of the Zep Compatible platform and continue to support integration with module manufacturers and other vendors.’
After the close of the acquisition, SolarCity and Zep Solar plan to market and sell Zep Solar products in Australia, Germany, Japan and the U.K.