Solar energy firm Sunrun to purchase peer reviewed Vivint Solar for approximately $1. 46 billion

0
42

Sunrun installer setting up solar panels onto a residential rooftop at California.

Resource: Sunrun

U.S. residential solar installer Sunrun said on Monday it will purchase peer Vivint Solar for approximately $1. 46 billion within an all-stock thing.

Vivint Solar investors will get 0. 55 stocks of Sunrun for every share held, ” the firms said in a statement, representing a premium of 10.4percent to Vivint’s Monday close.

The deal, unanimously approved by the companies’ boards, is valued at $3.2 billion including debt.

Sunrun’s shareholders will hold about 64percent of the combined firm, with the remainder owned by Vivint Solar’s stockholders.

The price is expected to provide annual cost savings of roughly $90 million, ” the announcement said.

Credit Suisse Securities has been the financial adviser to Sunrun, while Morgan Stanley and BofA Securities advised Vivint.

Vivint Solar in May reported an adjusted loss of $1. 01 per share of its own first-quarter results while minding its own full-year forecast. Sunrun submitted a net loss of 23 cents per share for the exact same period.

Company Insider reported in April that Sunrun had put off 100 employees and furloughed another 60 because of the effect of the coronavirus outbreak.

LEAVE A REPLY

Please enter your comment!
Please enter your name here