SolarEdge Technologies, Inc. announced today the closing of the previously announced acquisition of a majority stake (approximately 56%) of S.M.R.E. Spa.
"We are pleased to welcome SMRE to the SolarEdge family. We believe that our technological synergies combined with our complimentary areas of expertise will empower SolarEdge's growing business group at a time when the world is undergoing a clean energy transformation and e-mobility revolution," stated Guy Sella, CEO, Chairman and Founder of SolarEdge.
The Company's current aggregate investment to purchase the SMRE shares was increased from 51% to 56% totaling approximately $85 million, up from the expected $77 million, including transaction-related expenses. SolarEdge intends to purchase the remaining outstanding equity shares of SMRE that are currently listed on the Italian AIM (SMR.MI) over time through open-market purchases and otherwise, eventually resulting in SMRE becoming a wholly-owned subsidiary of SolarEdge.
For the acquisition, Roth Capital acted as the financial advisor for MTI Holdings, a major shareholder of SMRE.