CUI Global closes acquisition of Reach Construction
CUI Global, Inc. has closed the acquisition of Reach Construction Group, a privately held engineering, procurement and construction (EPC) company, specializing in utility-scale solar construction throughout North America.
Terms of the acquisition include the issuance of 2 million restricted shares of CUI Global's common stock (the shares are restricted for a 12-month period) and US$35 million in seller's debt. The seller's debt is in the form of two Promissory Notes due at between 18 and 36 months from the effective date of the transaction. Additional terms include an earnout provision, based on specific EBITDA targets.
Effective immediately, Reach will become a wholly-owned subsidiary of CUI Global. CUI Global expects no organizational changes to Reach's operations in North America or elsewhere.
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