Michigan, United States [RenewableEnergyWorld.com] Energy Conversion Devices Inc. (ECD) has completed its merger with Solar Integrated Technologies Inc. (SIT), a provider of building integrated photovoltaic (BIPV) roofing systems. SIT is now a wholly owned subsidiary of ECD.
Under the terms of the agreement which was originally announced in June, ECD will pay approximately US $0.11 for each share of SIT or approximately $11.2 million in total. Including the assumption of SIT’s net debt obligations, the purchase price will be approximately $16.3 million. ECD plans to finance the acquisition from existing corporate funds.
“This merger strengthens and diversifies our business,” said Mark Morelli, president and CEO of ECD. “This merger is an important element of our future growth plans as ECD transitions from manufacturing and selling a product to a company that provides complete solar solutions and value-added services.”
The company will provide additional information on the strategic aspects of the merger during the company’s fiscal fourth quarter conference call scheduled for August 27, 2009.
Credit Suisse Securities LLC acted as financial advisor and Covington & Burling LLP acted as legal advisor to ECD. Thomas Weisel Partners LLC and Greentech Capital Advisors acted as financial advisors and Jones Day acted as legal advisor to SIT.