SolarCity To Buy About Paramount Solar For About $120 Mln

(RTTNews) - SolarCity Corp. (SCTY) has agreed to acquire Paramount Solar, a subsidiary of Paramount Equity for about $120 million.

SolarCity will pay for $116.3 million in stock, and the remainder in cash. Paramount Equity CEO Hayes Barnard will join SolarCity as chief revenue officer in charge of the company's sales and marketing organizations upon closing of the acquisition.

In connection with the acquisition, Ben Van de Bunt, longtime CEO of Guthy¦Renker LLC, is expected to join SolarCity's board of directors later this year, subject to nomination procedures and board approval.

The transaction is expected to be completed in September, subject to customary closing conditions.