Real Goods Solar to buy Mercury Solar Systems

Aug 9, 2013 - US solar systems integrator Real Goods Solar Inc (NASDAQ:RSOL) has agreed to acquire Mercury Energy Inc, operating under the name Mercury Solar Systems, in an all-stock deal.

The target company, based in New York, is engaged in the design and installation of solar plants as well as the provision of solar project financing. It has a headcount of over 50 people.

Under the transaction, the buyer will issue 7.9 million of class A common shares as a consideration for the deal, which is seen to significantly boost its presence in major key markets on the US East Coast. It is bring additional working capital, which will be used for general corporate needs and expansion plans, Real Good Solar's CEO Kam Mofid said.

The transaction is pending shareholder clearance from both companies.

Since it was formed back in 2008, Mercury Solar has installed over 50 MW of solar plants that have brought more than USD 250 million (EUR 187m) in revenues. Last year alone, it fetched revenues of USD 35 million. Mercury Solar has about USD 10 million in cash assets and no debt.

(USD 1.0 = EUR 0.749)

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