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PowerSecure acquires Solais Lighting for $15M

PowerSecure International announced that it has acquired Solais Lighting, a private company based in Stamford, CT. PowerSecure expects the transaction to be slightly accretive to revenues and earnings in 2013 -- subject to finalization of accounting related to the amortization of intangible assets -- and meaningfully accretive in subsequent years. PowerSecure paid the stockholders of Solais $6.5 million in cash plus 675,160 shares of PowerSecure common stock and assumed approximately $0.2M in negative working capital for a total transaction value of $15M. The PowerSecure shares were valued at their volume-weighted average closing sale price as reported on the Nasdaq Global Select Market over the five business days immediately preceding the closing date of April 12, or $12.22 per share. All outstanding shares of capital stock of Solais were exchanged for the merger consideration.