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.
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