Nextpower to acquire Zimmermann for $378 million

• Nextpower has entered into a definitive agreement to acquire Germany-based solar technology provider Zimmermann PV-Steel Group.
• The total transaction value is up to €330 million, or approximately $378 million, comprised of a combination of cash and stock.
• The acquisition is designed to expand Nextpower's product portfolio and accelerate its growth in the European utility solar market.

Nextpower (NASDAQ:NXT) agreed to buy Germany's Zimmermann PV-Steel Group for up to €330 million to expand European solar operations.

This expansion follows the recent international launch of the NX Gemini tracker asset as the company increases its European product presence.

"With Zimmermann, we will significantly expand our product platform and add complementary market presence," said Nextpower founder and CEO Dan Shugar.

The purchase will be funded through cash and stock, with closing expected by the company in late fiscal 2027.

The transaction is projected by management to double its European product opportunity, and following the announcement the Nextpower share price was up at $125.90.

Zimmermann was founded in 1950 and has deployed more than 20 gigawatts of solar technology across 58 countries since 2009.

Following the closing of the deal, Nextpower expects to operate the new asset under the name Zimmermann PV.