PHI Group Inc (PHIL)

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07.02.22: https://seekingalpha.com/news/3796569-phi-group-agrees-to-acquire-majority-stakes-in-solar-energy-group?utm_source=advfn.com&utm_medium=referral

PHI Group acquires majority stake in solar energy group
Feb 07, 2022 10:07

PHI Group (OTCPK:PHIL) has signed an agreement to acquire majority stakes in two companies of solar energy provider KOTA Group for a total of $64.13 million in cash.
It includes the acquisition of

- 50.10% stake in Kota Energy Group LLC for $12.52 million and of
- 50.10% of Kota Construction LLC for $51.6 million.

1. acquisition price. The equity purchase price is $64,125,000, of which $14,125,000 is earmarked for a special partner distribution to the founders of the Sellers (the "Founders") immediately upon closing of the Transaction pursuant to the Operating Agreements and $50,000,000 will be used by the Sellers for expansion and growth pending completion of due diligence.

Kota Energy serves as the sales engine, having sold more than 10 megawatts in 2021, generating more than $12 million in revenue.

KOTA Construction is an installer that operates on the engineering, procurement and construction side of KOTA and has signed contracts worth more than $50 million.

Group management expects KOTA to generate up to $1 billion in revenue over the next 12 months.
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