Sunrun to Acquire Vivint Solar for Enterprise Value of $3.2 Billion
San Francisco – July 7, 2020 – Cooley advised Sunrun, a publicly traded, leading provider of residential solar, battery and energy services, on its agreement to acquire Vivint Solar in an all-stock transaction for an enterprise value of $3.2 billion. Partners Jamie Leigh, Ian Nussbaum and Calise Cheng led the Cooley team advising Sunrun on the transaction, which is expected to close in Q4.
With a shared mission to create a planet run by the sun, the companies will empower families to take control of their energy future by increasing customer choice in how they create and consume power.
“Americans want clean and resilient energy,” Lynn Jurich, Sunrun CEO and co-founder, said in a news release. “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. 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. We admire Vivint Solar and its employees and look forward to working together as we integrate the two companies.”
The acquisition adds a complementary direct-to-home sales channel to Sunrun’s platform, increasing the company’s reach and capabilities in a growing market. Vivint Solar’s highly trained, consultative field sales experts will be an important part of the combined platform and will serve as critical ambassadors for consumers to learn the benefits of solar energy.
Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home battery solution, Brightbox, brings families affordable, resilient and reliable energy. The company can also manage and share stored solar energy from the batteries to provide benefits to households, utilities and the electric grid while reducing its reliance on polluting energy sources. Sunrun’s securities trade on the Nasdaq Global Select Market under the symbol “RUN.”
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