iSun agrees to acquire SunCommon for US$40mn

iSun Inc. and SolarCommunities Inc (SunCommon) have entered into a definitive agreement pursuant to which a subsidiary of iSun will acquire SunCommon, in a combination of cash and shares of Common Stock.

Both iSun and SunCommon’s respective Boards of Directors unanimously approved the definitive agreement, which includes a cash payment of US$24,034,621 and US$15,965,379 in stock (US$2.5 million of the consideration will be granted directly to SunCommon employees), US$1.5 million working capital infusion and additional earnout provisions, subject to customary purchase price adjustments and customary seller representations and warranties and indemnification obligations.

SunCommon operates in New York's Hudson Valley and provides residential, community, and commercial solar in Vermont.