Sunrun Completes Acquisition of Vivint Solar to Accelerate Clean Energy Adoption and Enhance Customer Value
- Sunrun, a leading carrier of residential solar, battery storage and power services, today revealed that it has actually finished its purchase of Vivint Solar which was at first announced on July 6, 2020. This adheres to authorization by regulatory authorities and shareholders of both business. With the deal total, Sunrun solidifies its position as the leader in home solar as well as energy solutions throughout the United States and also a top proprietor of solar possessions worldwide with more than 3 gigawatts of solar energy and more than 500,000 clients.
" Welcome, Vivint Solar employees and also customers," claimed Lynn Jurich, Sunrun's Chief Executive Officer as well as founder. "Together, we will provide inexpensive, dependable and tidy electrical energy at an interesting brand-new range. With our engaging services, millions of house owners will certainly re-wire their homes with solar and batteries to delight in improved convenience and cost. The combined business take advantage of wide market reach as well as differentiated consumer offerings. A reduced expense framework from better range will accelerate the transition away from polluting and unreliable nonrenewable fuel sources."
Sunrun will be a significant contributor to a fully eco-friendly and also electrified energy system. Our expanding fleet of solar residences and also batteries will be networked to provide better benefits to the grid and power consumers. Generating energy at the point it is utilized minimizes the demand for unclean power being created away that is significantly costly to transmit. Our clients have currently and will remain to assist close down inefficient carbon-producing power plants.
Over the coming months, product offerings will be transitioned to supply customers the best options, including expanded access to Sunrun's leading Brightbox rechargeable battery service which makes it possible for house owners to power with grid blackouts. Vivint Solar will certainly remain to run as a Sunrun company for the immediate future as well as will certainly be incorporated into the Sunrun organization over the coming quarters. Sunrun estimates annual price synergies of approximately $90 million to be recognized over 12 to 18 months.
As formerly announced, Vivint Solar investors will receive 0.55 shares of Sunrun common stock for every share of Vivint Solar common stock they own immediately prior to the consummation of the procurement. The mixed firm will continue to trade on The Nasdaq Global Select Market under the ticker sign RUN. Post-closing, Sunrun now has a market capitalization of approximately $17 billion based upon the closing costs of Sunrun ordinary shares on October 7, 2020 and a business value of approximately $22 billion on a fully-diluted basis pro-forma for the purchase as of the most lately reported quarter.