Comverge, Inc. (COMV) announced the acquisition of 100% of the outstanding equity interests of the four entities Public Energy Solutions, LLC. The acquisition would expand its suite of clean energy capacity offerings by targeting base load capacity needs of electric utilities through energy efficiency. The transaction is expected to be slightly dilutive in 2007 and accretive in 2008 to Comverge's earnings per share.
The company added that the transaction is for $13.4 million, consisting of $9.3 million in cash subject to adjustment for working capital balances as of September 29, 2007, $3.0 million in subordinated convertible notes due in March 2009, and the issuance of 34,129 shares of Comverge common stock which had a market value of $1.1 million as of September 29, 2007.
Comverge noted that PES would provide Comverge's energy efficiency offerings and would become part of Comverge's Alternative Energy Resources Group for nationwide expansion. The acquisition would provide Comverge with a strong position in New York and other northeast states.
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