Michigan, United States [RenewableEnergyWorld.com] Energy Conversion Devices (ECD) and Solar Integrated Technologies (SIT) have signed a definitive agreement pursuant to which ECD will acquire SIT. Under the terms of the agreement, ECD will pay approximately US $0.11 for each share of SIT or approximately $11.2 million in total.
“The acquisition of SIT enhances our BIPV value proposition by significantly improving our field engineering and technical capabilities in rooftop solar to better support our channel partners in Europe and the U.S.” said Mark Morelli, ECD’s president and CEO. “Our combined organization will also be well positioned to meaningfully participate in the expected growth in the U.S. market, including under the stimulus plan. We are extremely pleased to welcome SIT’s talented organization to our team.”
The transaction is subject to customary closing conditions, including the approval of SIT’s shareholders. SIT’s board of directors has unanimously recommended that shareholders vote in favor of the agreement. SIT expects to issue a proxy circular within the next 10 days and hold a shareholders’ meeting to consider the transaction on August 19, 2009. The transaction is expected to close within 60 days.