On July 6, 2020, Sunrun, a provider of residential solar, battery storage, and energy services, and Vivint Solar, a full-service residential solar provider in the U.S., announced the companies have entered into a definitive agreement under which Sunrun will acquire Vivint Solar in an all-stock transaction. Wilson Sonsini is advising Vivint Solar in the deal.

According to the news release, Sunrun and Vivint Solar share a common mission of creating a planet run by the sun. The combined company will allow Sunrun to “reach a broader set of customers and accelerate the pace of clean energy adoption and grid modernization."

Under the terms of the definitive agreement, Sunrun will acquire Vivint in an all-stock transaction, pursuant to which each share of Vivint Solar common stock will be exchanged for 0.55 shares of Sunrun common stock. Based on the closing price of Sunrun’s shares on July 6, the transaction represents a combined enterprise value of $9.2 billion. The boards of directors of Sunrun and Vivint Solar have each unanimously voted in favor of the definitive transaction agreement. The acquisition is expected to be completed during the fourth quarter of 2020, subject to approval by Vivint Solar and Sunrun stockholders, regulatory approvals, and other customary closing conditions.

The Wilson Sonsini team advising Vivint Solar includes the following attorneys:

Corporate
Robert Day
Michael Nordtvedt

Energy and Infrastructure
Scott Zimmermann
Stephanie Phillips

Antitrust and Competition
Michelle Hale

Please see the news release for more information.