Koch Engineered Solutions (KES) said it bought DEPCOM Power Inc., a company focused on building utility-scale solar power plants.
The company was owned by Republican Arizona Senate candidate Jim Lamon, who is challenging Sen. Mark KellyMark KellyPoll: Sinema approval higher among Arizona Republicans than Democrats Documentary to be released on Gabby Giffords's recovery from shooting Kelly pushes back on Arizona Democrats' move to censure Sinema MORE (D) in what is expected to be one of the most competitive races of the 2022 midterms, Axios reported.
"This acquisition is a major development for KES, as DEPCOM will enable our entry into the fast-growing renewables market, reinforcing our commitment to the electrical infrastructure market segment," Dave Dotson, president of KES, said.
"The DEPCOM acquisition is consistent with KES's vision to deliver innovative, mutually beneficial technical and service solutions for industrial value chains while simultaneously transforming our business to improve and create new industry platforms. Through our complementary capabilities, we can offer greater opportunities for our customers who are seeking solutions in this increasingly important and competitive space,” he added.
The dollar amount on the deal was not put in the announcement, but Lamon said publicly after the deal that it was worth $1 billion, according to Axios.
"By joining KES, we are combining forces and shared values, and leveraging robust capabilities and knowledge centers that will accelerate our ability to enhance our existing services and expand our offerings into new service lines and markets. Together, we will further our mission to be the solutions provider of choice for our customers in the energy industry,” Johnnie Taul, CEO of DEPCOM, said.