GO plc on Friday announced that it has concluded a deal to acquire a 51 per cent shareholding in AQS Med Limited, a Malta-based engineering company specialising in photovoltaic (PV) systems.

The agreement was first announced in March, when GO stated that it would purchase the stake for €1.2 million, with the possibility of a further total earnout of €1.98 million, depending on the performance of AQS Med over a five-year period.

AQS Med has been entrusted with large solar panel installations in Malta, including a 2.2MW installation at Playmobil, 1.4MW at Methode, 0.9MW at PAMA Supermarket, and 0.4MW with Shanghai Electric at a number of Enemalta sites. It is owned by Robert Frendo and Adrian Spiteri.

In the initial announcement, GO had specified that the acquisition would be finalised once certain conditions are satisfied.

In the latest market update, the telecommunications company confirmed that all conditions have been satisfied and the deal was closed on Friday.

“Further to this strategic acquisition, GO is anticipated to increase its presence on the energy vertical market which will put the company in a better position to assist Malta in the achievement of its environmental targets,” GO stated.

It added that further announcements will be made “as and when necessary.”