July 3 (Renewables Now) - Photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) has finalised the acquisition of Israeli UPS electrical devices maker Gamatronic Electronic Industries Ltd (TLV:GAMT).
SolarEdge announced the closing of the transaction on Monday, having unveiled the deal in early May. It said it has paid some USD 11.5 million (EUR 9.9m) for substantially all of Gamatronic’s assets, including its intellectual property, brand and tangible assets. The deal also includes a two-year earn provision for 50% and 33% of the business’ net profit in each year following completion of the takeover, respectively.
Jerusalem-based Gamatronic sells various Uninterruptible Power Supply (UPS) systems and control solutions for power systems in the US, China, Europe, South Africa and Latin America. Its acquisition will expand and diversify SolarEdge’s own operations.
The buyer noted that the Gamatronic UPS business will serve as a basis for a new division.
(USD 1.0 = EUR 0.859)