iSun To Acquire SunCommon In Cash And Stock Transaction

iSun Inc ISUN has agreed to acquire SolarCommunities Inc (SunCommon), a provider of residential, community, and commercial solar in Vermont, in a combination of cash and stock.
Transaction consideration includes ~$24.03 million in cash and ~$15.97 million in stock, with $2.5 million of the consideration directly granted to SunCommon employees and a $1.5 million working capital infusion and additional earnout provisions.
iSun noted the transaction executes phase one of its recently announced East Coast residential strategy and builds on its commercial, industrial, and utility-scale presence.
iSun expects the transaction to be accretive by doubling projected revenue for 2021. SunCommon's positive EBITDA will be immediately accretive to earnings.
For FY20, SunCommon generated ~$33.1 million in revenue.
iSun held cash in hand of $20.2 million as of June 30, 2021.
Price Action: ISUN shares are trading higher by 10.37% at $8.47 on the last check Wednesday.