Monday, July 20, 2015

Vivint Solar Acquired By SunEdison For $2.2 Billion

Lehi, Utah-based Vivint Solar, the residential solar power provider which was spun out of Vivint, has been acquired bby SunEdison for $2.2 billion in cash and stock, the companies said this morning. According to the companies, they are in a definitive merger agreement where SunEdison will acquire Vivint Solar for approximately $2.2 billion, payable in a combination of cash, shares of SunEdison common stock and SunEdison convertible notes. As part of the deal, SunEdison will sell off Vivint Solar's rooftop solar portfolio to TerraForm Power, for $922M in cash. Vivint Solar has a portfolio of 523 megawatts of installed residential solar power projects. The acquisition comes only nine months after Vivint Solar had its IPO, back in October of 2014.