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WASHINGTON, DC, July 22, 2009 — Energy Conversion Devices, Inc. (ECD), a NASDAQ-listed leading global manufacturer of thin-film flexible solar laminate products for the building integrated and commercial rooftop markets, and Solar Integrated Technologies, Inc. (SIT), an AIM-listed leading provider of building integrated photovoltaic roofing systems, today announced that they have signed a definitive agreement pursuant to which ECD will acquire SIT. Covington & Burling LLP advised ECD on the transaction.
The transaction is subject to customary closing conditions, including the approval of SIT’s shareholders. SIT’s board of directors has unanimously recommended that shareholders vote in favor of the agreement. The transaction is expected to close within 60 days.
The Covington team was led by corporate and securities partner Andrew Jack and associate Scott Roades. Both are resident in the firm’s Washington, DC office. Covington’s team also included London-based partner Simon Amies and associate Alexander Clarke (UK securities), Washington-based partners Peter Zern (financing) and Mike Francese (employee benefits), counsel Jarett Williams (insurance) and associates William Woolston (employee benefits) and Brandon Gay (corporate), New York-based partners Bert Wells (intellectual property) and Rob Heller (tax) and associate Rucia Pei (tax), and San Francisco-based associates Jonathan Mukai and Erin Archerd (corporate).