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
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.Mike McNamara, CEO, Flex
Joining Flex will enable NEXTracker to accelerate its growth while leveraging our best-in-class, innovative technologies, and a shared passion for advancing the future of renewable energy.Dan Shugar, Chairman and CEO, NEXTracker
Advisory firms were not disclosed for this transaction.