The Peck Company, a construction engineering company, has reportedly entered an agreement to acquire Sunworks, a commercial solar company. Following this all-stock transaction, the stakeholders of Sunworks are expected to receive an aggregate of nearly 3,079,207 shares of Peck’s common stock. This represents over 36.54% of its outstanding share of common stock.

As per reliable reports, Peck’s recent takeover deal can be considered as the company’s effort to expand its coast-to-coast presence as a solar installer in the United States. This will also help leverage the specialization of Sunworks in the commercial, agricultural, & industrial solar markets. Citing an instance, the two companies have jointly installed a 62.973-MW of solar in 2019.

Peck’s CEO & chairman of the board, Jeffrey Peck, has stated that the deal will enable the company and Sunworks to leverage their respective expertise and advance as key players in the rapidly growing & resilient solar energy industry. This will also help the company enhance its financial profile and develop as a robust platform to continuously develop more solar projects. The integration will further aid in extending its footprint to the west coast and broadening its offerings to agriculture & public works.

Mr. Peck added that the company has been focusing on executing various initiatives for the shareholders. It expects that the acquisition of Sunworks would lend opportunities for the company to ensure profitability and long-term growth.

According to the CEO & chairman of the board of Sunworks, Chuck Cargile, the recent agreement will drive the vision of the company to expand and amplify the clean solar energy reach across the U.S. He commented on the company’sappreciation of the capability of Peck in maintaining profitability and increasing revenue and believes that the deal will help materially accelerate revenue growth & earnings.

The agreement is expected to be closed in the Q4 of 2020, and is subject to receiving shareholders’ approval as well as other customary closing conditions. After the closure of this transaction, Jeff Peck will serve as the CEO & chairman of the board of the combined company.

Source credit:

https://www.solarpowerworldonline.com/2020/08/the-peck-company-acquires-solar-developer-sunworks/