Wednesday, November 15, 2006

SunPower Acquires PowerLight

San Jose-based SunPower, a manufacturer of high efficiency solar cells and solar panels, said this morning that it has signed a definitive agreement to acquire PowerLight, a Berkeley-based solar systems provider. The deal is worth $265M in upfront payments plus $67.5M in retention carve-out. Roughly $130M of the deal is cash, with the remaining $202.5M in stock. SunPower said that the acquisition is expected to be immediately accretive to the firm. The firms said that they expect the transaction to close in Q1 of 2007.