Enphase Energy to buy SunPower’s microinverter business

|About: Enphase Energy Inc. (ENPH)|By:, SA News Editor

Enphase Energy (NASDAQ:ENPH) +16% after-hours following news it has agreed to acquire SunPower’s (NASDAQ:SPWR) microinverter business for $25M in cash and 7.5M ENPH common shares.

The companies say the five-year agreement will accelerate global adoption of AC Modules as the de facto residential solution.

ENPH says it expects to add $60M-$70M in annualized revenue in H2 2019 at a 33%-35% gross margin.