SolarCity Corp. (Nasdaq: SCTY) and Zep Solar, Inc., today announced that they have entered into a definitive agreement for SolarCity to acquire Zep Solar, Inc. for approximately $158 million. The purchase price is payable in shares of SolarCity common stock, and is subject to reduction for the amount of net indebtedness of Zep Solar as of the closing. Zep Solar is one of the leading providers of residential photovoltaic module mounting systems in the U.S., and has been one of SolarCity’s primary component suppliers for residential systems in 2013. Upon close of the acquisition, Zep Solar will operate as an independent business unit of SolarCity.
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