ADT Inc. (NYSE: ADT) has acquired Sunpro Solar, a provider of rooftop solar systems in the Southeastern United States, from MGG Investment Group for $825 million in cash and stock.
Following the deal, Sunpro will be rebranded ADT Solar and will offer ADT customers rooftop solar products to create a protected, connected and powered home. Sunpro markets, designs, sells, installs and maintains the solar power systems for residential and commercial properties through a 3,600 person staff across 56 locations.
“Becoming part of the ADT family will accelerate our ability to bring residential and commercial rooftop solar to more customers, helping them save money and also become more energy independent,” said Marc Jones, Sunpro founder. “With our shared mission to further advance smart home technologies and renewable energy solutions for customers, our expansion will make a meaningful difference in how our customers live daily.”
Citi is serving as financial advisors to ADT, and Morgan, Lewis & Bockius is serving as legal advisor to ADT. Deutsche Bank Securities Inc. is serving as financial advisor to Sunpro, and Vinson & Elkins is serving as legal advisor to Sunpro.