Zenith Energy Solutions, the energy solutions giant that provides residential and commercial energy solutions for consumers, announced today that it will acquire Ozotec for $2.5 billion.
The deal was announced in the U.S. securities and exchange Commission’s (SEC) registration statement, which was filed today with the SEC’s New York office.
Zenith American is a subsidiary of Zenith America Inc. that provides energy solutions to consumers in the energy and utilities industries.
The company has approximately 5,000 employees worldwide, and has an outstanding $4.8 trillion in assets.
The acquisition is part of Zenit’s strategy to increase its portfolio of energy and energy-related solutions, according to Zenith president and chief executive officer David Lohse.
In particular, the company has been pursuing acquisitions of energy-based companies for more than a decade.
The Ozotex acquisition will allow Zenith to better serve consumers and help drive innovation, according the company.
The Ozotetex acquisition enables Zenith’s global portfolio to focus on the energy, infrastructure, and utility markets and will allow the company to scale up faster and better in areas such as infrastructure, supply chain management, and consumer-facing technology, according a statement from Zenith.
Zenith will continue to focus its investments in the market to drive growth, including in its residential and energy services business, the statement added.
In addition, Zenith will also invest in its business in other areas, including the healthcare and life sciences, financial services, and retail.
The transaction, which Zenith says will close in the first quarter of 2021, will also enable the company’s “long-term commitment to our customers,” according to the statement.
Zenith plans to create and sell its own energy- and infrastructure-related products and services, with an overall focus on residential, commercial, and industrial.
Zenit has been a leader in energy and infrastructure solutions for more then 30 years, including its purchase of Energy Solutions of California in 2005.
The company has since grown into a market leader in the world’s largest energy and utility market, with a portfolio of solutions that include residential, retail, and manufacturing, as well as solutions for utilities.
Zenit recently announced its plans to sell its power-generating equipment business.