NRG Energy to acquire Vivint Smart Home for $12/share ($2.8B) all-cash

NRG ENERGY, INC.

NRG will acquire Vivint for $12.00 per share, all-cash, total enterprise value of $5.2 billion including $2.4B debt assumption.
Premium of ~33% to Vivint's Dec. 5 closing price; implied 6.3x EV/run-rate Adj. EBITDA ($835M including $100M synergies).
Transaction approved by both boards; Vivint stockholders holding 59% of shares have consented; expected close Q1 2023.
NRG intends to maintain its dividend growth policy and complete $1B share repurchase program ($360M remaining).
Goldman Sachs provides $2.1B bridge financing; closing subject to HSR antitrust clearance.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

NRG ENERGY, INC. entered into Agreement and Plan of Merger with Vivint Smart Home, Inc. valued at $12.00 per share in cash (effective 2022-12-06).

Action: entry
Agreement: merger
Counterparty: Vivint Smart Home, Inc.
Value: $12.00 per share in cash
Effective: 2022-12-06

Exact text from the filing

On December 6, 2022, NRG Energy, Inc., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among the Company, Jetson Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), and Vivint Smart Home, Inc., a Delaware corporation (“Vivint”), pursuant to which Merger Sub will be merged with and into Vivint (the “Merger”), with Vivint surviving the Merger as a wholly owned subsidiary of the Company (the “Surviving Corporation”).

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NRG ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-124932

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