SolarEdge Buys Industrial Machinery Firm SMRE as Part of Electric Vehicle Push
SolarEdge will initially acquire 51% of Italian SMRE’s outstanding shares for approximately $77 million
Founded in 2006, and headquartered in central Israel, SolarEdge develops optimization, monitoring, and remote-control technologies for solar panels and systems, designed to increase the efficiency of solar energy conversion. The company raised $126 million in its initial public offering in 2015. SolarEdge employs over 600 people in Israel, North America, Asia, and Europe. Founded in 1999, SMRE manufactures integrated powertrain technology and electronics for electric vehicles.
The transaction is expected to be finalized within weeks, the companies said. SolarEdge will then make a mandatory tender offer to purchase SMRE’s remaining outstanding ordinary shares in an all-cash transaction, making SMRE a wholly-owned subsidiary.