Following on from the signing of a memorandum of understanding (MOU) in September by Norways Aqualis and Germany-based Adler, the former has now officially acquired a 49.9% stake in the latter for around 3 million (approx.. US$3.4 million).
The remaining shareholders comprise Adler Solar CEO and co-founder Gerhard Cunze with 42%, and D2D4 (a company owned by windmill tycoon Klaus Meier) with 8%.
Aqualis now aims to further the internationalization of Adler, drawing on its company locations, which comprises 19 offices in more than 20 countries, and infrastructure, including a workforce of 230. Adler, which employs over 100 staff in Europe, the Middle East, the U.S., Asia and South Africa, delivers EPC, O&M, technical and engineering expertise for solar PV plants.
"The PV power portfolio of Aqualis ASA, whose aim is to provide technical and advisory services for the entire energy market is from now on served by Adler Solar Services GmbH," wrote Aqualis in a statement released. Adlers Cunze added that the acquisition will see new markets opened up.
Under the MOU signed last month, there is an option for Aqualis to acquire a further 10.1%, and thus, a controlling stake in Adler by 2019 for the same price as the initial outlay signed in the agreement.