(Sharecast News) - Sales and marketing firm DCC has agreed to acquire PVO International, a distributor of solar panels, invertors, batteries and accessories used in the commercial, industrial and domestic energy sectors across continental Europe.
DCC said on Tuesday that the acquisition of PVO was "an excellent strategic fit" for the group, leveraging its market position in the fast-growing solar PV market.
While no financial terms of the deal were disclosed, DCC stated that in the period since its results announcement in May, it has now committed roughly £80.0m to acquire renewable energies and services businesses.
The AIM-listed group also noted that the majority of the consideration for PVO was payable in cash on completion, followed by earn-out payments over three years based on the business' future trading.
Chief executive Donal Murphy said:"A key part of DCC Energy's strategy in accelerating the net zero journey of our customers is to build a strong position in the sales, marketing and distribution of renewable energy products and services.
"We have already made good progress in recent years and PVO provides an excellent platform to build a pan-European business in the distribution of solar PV and associated products, such as energy storage and EV chargers."
Reporting by Iain Gilbert at Sharecast.com
DCC (DCC)