Solar Integrated Technologies Inc (AIM: SIT) said it has agreed to be acquired by US group Energy Conversion Devices Inc (NASDAQ: ENER) at a price of US$0.11 per share, valuing the group at US$ 11.2 million.
Including the assumption of SIT's net debt obligations, the purchase price will be approximately US$16.3 million. ECD plans to finance the acquisition from existing corporate funds.
ECD manufactures thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, and SIT makes building integrated photovoltaic (BIPV) roofing systems.
Mark Morelli, ECD's president and chief executive officer, said: “The acquisition enhances our BIPV value proposition by significantly improving our field engineering and technical capabilities in rooftop solar to better support our channel partners in Europe and the US. Our combined organization will also be well positioned to meaningfully participate in the expected growth in the US market.”
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