Vertically-integrated PV developer Solar Power (SPI) and its subsidiary Meitai Investment Co. has agreed to a definitive share purchase deal with Shanghai All-Zip Roofing System Group Co. (All-Zip) and all of its shareholders in order to acquire 100% of the equity interest in the company.
All-Zip stands as one of the top roofing solutions within the Chinese market.
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In accordance with the deal, Meitai Investment has agreed to buy 100% of the equity interest in All-Zip for US$44.3 million (RMB275 million) — which will be settled with SPI’s shares of stock at $2.38 per share.
Xiaofeng Peng, chairman of SPI, said: “Following upon the framework agreement announced last October, we are pleased to announce this agreement to acquire All-Zip. All-Zip's expertise in providing comprehensive roofing solutions for commercial and industrial installations fits well with SPI's strategy to capitalize on the growing market in China for the development of distributed generation (DG) solar PV projects, which China's National Energy Administration (NEA) has pledged to actively support in the coming years.
“Combined with SPI's innovative online energy e-commerce and investment platform Solarbao.com, All-Zip gives SPI a strong foundation to capture market share in the lucrative commercial and industrial rooftop DG segment in China.”