ADT to acquire residential rooftop solar contractor Sunpro Solar for $825m
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.
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. Photo courtesy of Ulrike Leone from Pixabay.
Established in 2008, Sunpro Solar offers solar power systems to residential and commercial properties.
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.
“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.