Tropical Battery Company Limited (JMSE:TROPICAL) signed an agreement to acquire 50% stake in KAYA Energy Group on February 14, 2023. The consideration to be paid in combination of cash and shares. KAYA Energy Group management will remain at the helm of the acquired company for the foreseeable future as it is integrated with Tropical Renewable Energy.

The acquisition of KAYA advances Tropical Battery?s strategy of diversifying its product and service offering and extending its geographical footprint across the Caribbean Basin. The deal expands the addressable market for solar power and energy storage equipment distributed under Tropical Battery?s Tropical Renewable Energy division fourfold. The transaction is pending financial close and approval by the regulatory authorities in Jamaica and Dominican Republic.

The deal is expected to be accretive to Tropical Battery earnings in FY2023.