Sunrun Inc, the Residential solar panel installer is all set to acquire Vivent Solar Inc for an amount of $3.2 billion including debut, while saving annual cost up-to $90 million. By this agreement the Vivint shareholders would get 0.55 shares of Sunrun for every share held. It will allow the Vivint shareholders to have 36% stake in the combined company.
In a joint statement companies said, “Vivint Solar adds an important and high-quality sales channel that enables our combined company to reach more households and raise awareness about the benefits of home solar and batteries“.
The CEO and co-founder of Sunrun in a statement said, “This transaction will increase our scale and grow our energy services network to help replace centralized, polluting power plants and accelerate the transition to a 100% clean energy future“.