ADT to acquire residential rooftop solar contractor Sunpro Solar for $825m

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ADT, a Florida-based provider of smart home and small business security services, has agreed to acquire Sunpro Solar, a residential rooftop solar contractor, for approximately $825 million.

The consideration will be made partly in cash of $160 million and around 77.8 million shares of ADT.

Post-acquisition, Sunpro Solar will be rebranded as ADT Solar.

The deal will mark ADT’s foray into the rooftop solar business.

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Jim DeVries — ADT President and CEO said: “With its strong focus on the customer, Sunpro is the perfect partner for ADT and a logical extension of our ecosystem, unlocking an integrated home experience that includes security, automation, and energy management.

“By combining a cash-flow-positive company in the high-growth solar space with ADT’s trusted brand, national footprint, and cross-sell potential, we can expand offerings to our customers and accelerate growth for both ADT and ADT Solar.”

ADT to acquire residential rooftop solar contractor Sunpro Solar for $825m

ADT to acquire residential rooftop solar contractor Sunpro Solar for $825m. Photo courtesy of Ulrike Leone from Pixabay.

Established in 2008, Sunpro Solar offers solar power systems to residential and commercial properties.

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The rooftop solar contractor, which has a workforce of 3,600 people, has operations across 56 locations in 22 states.

Marc Jones — Sunpro Solar founder said: “Becoming part of the ADT family will accelerate our ability to bring residential and commercial rooftop solar to more customers, helping them save money and become more energy independent.

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“With our shared mission to further advance smart home technologies and renewable energy solutions for customers, our expansion will make a meaningful difference in how our customers live daily.”

Subject to customary closing conditions and regulatory approvals, the deal is anticipated to close by the year-end.

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