U.S. home solar installer Sunrun to buy Vivint Solar for about $1.46 billion
Source: Reuters
BUSINESS NEWS JULY 6, 2020 / 11:05 PM / UPDATED 2 HOURS AGO
U.S. home solar installer Sunrun to buy Vivint Solar for about $1.46 billion
(Reuters) - Sunrun Inc (RUN.O) said on Monday it will buy Blackstone-backed peer Vivint Solar (VSLR.N) for about $1.46 billion in an all-stock deal, as the top U.S. residential solar installers look to solidify their market position.
The deal will also help Sunrun compete better with Tesla Inc’s (TSLA.O) SolarCity in a residential solar market, which, according to the companies, has reached only 3% penetration in the United States.
Vivint Solar shareholders will receive 0.55 of Sunrun common stock for each share held, representing a premium of 10.4% to Vivint’s Monday close.
The deal, unanimously approved by the companies’ boards, is valued at $3.2 billion including debt.
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Read more: https://www.reuters.com/article/us-vivint-solar-m-a-sunrun/u-s-home-solar-installer-sunrun-to-buy-vivint-solar-for-about-1-46-billion-idUSKBN2480BE
