SolarCity (NASDAQ:SCTY.DL) is now officially the owner of Paramount Solar. The company said it has closed its acquisition of the residential solar solutions provider, in a deal that was originally announced in mid-August. The price is $120 million, the bulk of which has been paid with nearly 3.7 million shares of SolarCity stock priced at $31.65 apiece. The remainder -- $3.7 million -- was settled in cash.
Following the consummation of the deal, Hayes Barnard, the former CEO of Paramount Equity (the parent company of Paramount Solar), joined SolarCity as its chief revenue officer in charge of sales and marketing organizations. The appointment is effective immediately.
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