FLEX LTD. acquires NEXTracker Inc.
Snapshot
FLEX LTD. acquired NEXTracker Inc. for approximately $240.8 million initial cash (net of $13.2M cash acquired) plus up to ~$81.0M contingent consideration; total purchase consideration $321.8 million (announced as up to $330 million) in September 2015. The transaction was structured as all cash plus contingent consideration. NEXTracker Inc. is a Fremont, California, USA-based Industrial & Emerging Industries (IEI) - Energy/Solar business.
- Acquirer
- FLEX LTD.
- Target
- NEXTracker Inc.
- Value
- approximately $240.8 million initial cash (net of $13.2M cash acquired) plus up to ~$81.0M contingent consideration; total purchase consideration $321.8 million (announced as up to $330 million)
- Date
- September 2015
- Type
- full acquisition
- Status
- ready
The deal at a glance
About this deal
FLEX LTD. acquired NEXTracker Inc. for approximately $240.8 million initial cash (net of $13.2M cash acquired) plus up to ~$81.0M contingent consideration; total purchase consideration $321.8 million (announced as up to $330 million), a transaction completed in September 2015, structured as all cash plus contingent consideration.
NEXTracker Inc. operates in Industrial & Emerging Industries (IEI) - Energy/Solar, is based in Fremont, California, USA, had revenue of about expected to contribute $80-$120 million in revenue in the December 2015 quarter (per announcement). Flextronics acquired 100% of the outstanding share capital of NEXTracker, a Fremont, California provider of smart solar tracking solutions whose single-axis photovoltaic trackers orient PV panels to maximize energy output. Flex also assumed NEXTracker's equity incentive plan. NEXTracker continued under founder-CEO Dan Shugar and was later spun off via IPO and full separation in 2023-2024.
This acquisition aligns well with our strategy of acquiring technologies that deliver innovative, value-added solutions to our customers in industries with strong growth rates and higher margins.
Innovative, higher-margin solar-tracking technology expanding Flex's >$1 billion energy business. expanded Flex's sketch-to-scale solar offering; expected accretive to growth, margins, EPS and cash flow. Industrial & Emerging Industries (IEI) segment; operated as NEXTracker subsidiary under existing brand
No advisory firms have been disclosed for this transaction.