City Electrical Factors (CEF) and Segen Group Limited (Segen) today announced that CEF's parent company, Labora Holdings Limited (Labora), and Segen have entered into an agreement under which Labora will acquire 100 per cent of Segen, a leading global distributor of residential and commercial rooftop photovoltaic systems, and its subsidiaries in the UK, Germany and South Africa. The transaction is expected to close in October 2021, subject to regulatory and other approvals and conditions. Labora and Segen will remain separate and independent companies until the completion of the proposed transaction.
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Segen sells a range of renewable energy solutions, including energy storage systems (ESS) and electric vehicle chargers, to installers through its proprietary online portal and is the market leader in the UK and South Africa with significant and expanding operations in Europe. Upon completion of the transaction, Segen will be a subsidiary of Labora, with the benefit of new reach and scale that will increase opportunities for suppliers and customers. (mfo)
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