Sunrun Announces Acquisition of Vivint Solar
On July 6, Sunrun (RUN) announced that they signed an acquisition agreement with Vivint Solar (VSLR). According to the agreement, Sunrun will acquire Vivint Solar in an all-stock transaction valuing Vivint Solar at around $3.2 billion. Vivint’s shareholders will receive 0.55 shares of Sunrun in exchange for each share of Vivint Solar. Sunrun is a leading provider of residential solar, battery, and energy services.
Sonal detected the news event and issued an alert for both stocks in the acquisition at 9:58 pm. Sunrun traded again the next morning at 4:15 am for $21.70. The stock price spiked up around $27 right after regular trading opened on July 7. The gains continued over the next four trading sessions. Sunrun closed on July 13 at $30.09 with a five-day event gain of 39%.
Vivint Solar’s next trade was at 5:37 am on July 7 for $11.50. The stock price spiked higher at the regular market open and continued its event day gains over the next four trading session. Vivint Solar closed at $16.61 on July 13 with a five-day gain of 44.4%.
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