Power Group Online Article |  | |
11 January 2007 -- SunPower Corp., a Silicon Valley-based manufacturer of solar cells and solar panels, announced the closing of its acquisition of PowerLight Corp., a privately owned solar power systems provider based in Berkeley, Calif.
SunPower's CEO, Tom Werner, said the acquisition would lead to accelerated revenue growth and faster solar technology brought to market. The company plans to slash the cost of an installed solar system by half over the next five years. SunPower offers solar electric power plants ranging from 1 MW to more than 10 MW.
SunPower paid $265 million for PowerLight plus stock-based employee retention amounts totaling $67.5 million that vest over two to four years. The aggregate consideration consists of approximately $130.0 million in cash and $202.5 million in stock and is expected to result in a tax-free merger for PowerLight's shareholders. The stock portion of the purchase consideration is subject to final determination for accounting purposes and is likely to be higher than the amounts specified above based on the Company's recent stock price.
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