International, Inc. (Nasdaq: POWR) today announced that it has acquired Solais Lighting, Inc., a private company based in Stamford, CT which has a proprietary portfolio of LED lamps and fixtures for commercial and industrial applications that provide superior light output, thermal management, optics, light quality and aesthetics.

he acquisition strengthens and complements ’s existing LED business with additional product lines and an expanded customer base, and adds strong skill sets around product design, product commercialization, manufacturing and materials sourcing.

paid the stockholders of Solais $6.5 million in cash plus 675,160 shares of common stock and assumed approximately $0.2 million in negative working capital for a total transaction value of $15 million. The shares were valued at their volume-weighted average closing sale price (VWAP) as reported on the Nasdaq Global Select Market over the five business days immediately preceding the closing date of April 12, 2013, or $12.22 per share. All outstanding shares of capital stock of Solais were exchanged for the merger consideration.

expects the transaction to be slightly accretive to revenues and earnings in 2013 (subject to finalization of accounting related to the amortization of intangible assets) and meaningfully accretive in subsequent years.

“There is tremendous synergy between our companies. With this merger, we combine the breadth, strength, innovation and success of with the business of Solais to accelerate our growth in the marketplace and better serve our clients. In addition, we can apply our efficient manufacturing expertise and proprietary technologies to enhance the value of ’s overall LED lighting portfolio,” said James Leahy, chief executive officer of Solais.