- Press Releases
November 9 (Renewables Now) - US home security provider ADT Inc (NYSE:ADT) on Tuesday said it has agreed to acquire residential rooftop solar contractor Sunpro Solar in a deal with a total enterprise value of about USD 825 million (EUR 712m).
The buyer will pay USD 160 million in cash and some 77.8 million shares of its common stock for Sunpro, which will change its name to ADT Solar. The cash portion is expected to be spent on debt reduction and sellers’ taxes.
The acquisition, expected to close by the end of the year, marks an entry for ADT into the rooftop solar market, allowing it to provide an integrated home offering including security, automation and energy management.
“By combining a cash-flow-positive company in the high-growth solar space with ADT’s trusted brand, national footprint, and cross-sell potential, we can expand offerings to our customers and accelerate growth for both ADT and ADT Solar,” said ADT president and chief executive Jim DeVries.
Sunpro, set up in 2008, has a 3,600-strong full-time workforce. Operating from 56 locations in 22 states, the company markets, designs, sells, installs and maintains solar power systems. It has a cash-flow-positive, asset-light business model, ADT said.
Sunpro’s founder Marc Jones and its management team will likely join ADT.
(USD 1 = EUR 0.864)