Residential Solar Panel Installer Sunrun Inc. RUN,
announced a deal Monday night to acquire rival Vivint Solar Inc. VSLR,
for about $ 3.2 billion, including debt. In a statement, the companies said Vivint shareholders would get 0.55 Sunrun shares for each share they own, leaving Vivint shareholders with a roughly 36% stake in the combined company. The merger will generate annual savings of approximately $ 90 million, the companies said. “Vivint Solar adds a significant, high-quality sales channel that enables our combined company to reach more homes and raise awareness of the benefits of solar energy and batteries for the home,” said Lynn Jurich, CEO and Co-Founder of Sunrun, in a statement. “This transaction will increase our scale and increase our energy service network to help replace polluting centralized power plants and accelerate the transition to a 100% clean energy future.” Sunrun’s shares have gained 55% to date, while Vivint has risen 46%, compared to the S&P 500’s SPX,
1.6% decrease this year.
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