SunPower Acquiring PowerLight
SAN JOSE, Calif., Nov. 15 -- Solar cell and panel manufacturer SunPower Corp. today announced it will acquire one of its largest customers, privately owned solar systems provider PowerLight Corp., for approximately $265 million in cash and stock.
San Jose-based SunPower, a subsidiary of Cypress Semiconductor Corp., will pay $265 million upfront for PowerLight. A "retention carve-out" of $67.5 million, vesting over 2 to 4 years, would raise the value of the deal to $332.5 million, with $130 million paid in cash and...