SolarCity (NASDAQ:SCTY) will soon add a new panel to its array. The company announced it has agreed to acquire privately held peer Zep Solar. The price is roughly $158 million, to be reduced by the amount of Zep Solar's net indebtedness at the time of closing. The purchase price will be paid in SolarCity common stock.
The acquirer knows Zep Solar well -- it is one of its key suppliers for residential systems. According to SolarCity, its asset-to-be "is one of the leading providers of residential photovoltaic module mounting systems in the U.S."
The acquisition is expected to close in December, SolarCity said. Once in its fold, Zep Solar will operate as an independent unit of the company.
At the moment, SolarCity's market capitalization stands at $2.9 billion.
Fool contributor Eric Volkman has no position in SolarCity. The Motley Fool owns shares of SolarCity. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.