Nextpower, a Nasdaq-listed solar and power technology company, has agreed to acquire Zimmermann PV-Steel Group, a Munich-based solar equipment manufacturer with significant operations across Germany's renewable energy market.
Financial terms were not disclosed.
Zimmermann PV-Steel, established in 1950 and active in solar since 2009, brings 20 gigawatts of cumulative deployed capacity to the combined entity. The acquisition provides Nextpower with manufacturing capabilities and direct access to Germany, one of Europe's most developed solar markets.
The transaction is expected to close following customary regulatory approvals and closing conditions. Deal advisors and anticipated timing for completion were not specified in the announcement, though typical German industrial acquisitions require several months for integration planning and regulatory clearance.
Photo Credit: Nextpower