SUNW - Sunworks stock rises on combination with Solcius

Sunworks (SUNW) subsidiary to acquire Solcius, a privately held, rapidly growing residential solar company for $51.8M on a cash-free and debt-free basis, in an all-cash transaction.Together, the combined organization generated net revenue of approximately $131.5M in calendar year 2020.The transaction is expected to be accretive to earnings and will drive cash flow once integration synergies have been implemented."Together, the combined organization will be better equipped to deliver solar EPC and development solutions to a broader customer base across the United States, focusing on the rapidly growing residential, commercial, industrial, and public works markets. By leveraging economies of scale, the combined company will be able to secure materials more quickly, with greater reliability, and at a more beneficial price point." commented Gaylon Morris, CEO.Shares +5% after closePress Release

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Sunworks stock rises on combination with Solcius