Australian Solar Distributor Acquisition

[] Solar hot water systems distributor Solco Limited of Western Australia plans to acquire Choice Electric — which one of Australia’s major solar power products distributors for Sharp Solar — in a shares and cash purchase of AUD 2.25 million (US $1.72 million). The acquisition of Choice will help to nationalize the distribution network of Solco, and the transaction should make the company the largest distributor of solar power products in Australia, said the Solco. Solco will now have two major Australian distribution hubs, one in Perth and one in Brisbane, so the company will have access to major eastern states markets. The acquisition of Choice is expected to double the revenue for Solco in financial year 2006 to around AUD16 million (US $12.2 million).
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