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Vistra announced it would acquire the 15 per cent equity it does not already own in its subsidiary. Image: Linkedin
US utility Vistra announced on Wednesday it would acquire the 15 per cent equity it does not already own in its subsidiary Vistra Vision for nearly $3.25 billion in cash.
Vistra Vision, set up last year after the parent company acquired Energy Harbour, is a subsidiary holding company that owns nuclear generation facilities with a capacity of nearly 6.4 gigawatts, the renewables and energy storage business and Vistra’s retail business.
Nuclear power companies such as Vistra have become top S&P 500 performers this year, as demand for clean and sustainable supply of energy from data centers, manufacturers and electric-vehicle makers has increased.
Vistra’s shares have jumped nearly 137 per cent so far this year.
“Through this transaction we are simplifying the overall structure by acquiring the minority interest at an attractive valuation,” Vistra CEO Jim Burke said.
The equity, currently owned by affiliates of Nuveen Asset Management and Avenue Capital Management II, would be paid off by Vistra in five installments over two years. The transaction is expected to close by Dec. 31.
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First Published: Sep 19 2024 | 9:17 AM IST
