SunEdison and Vivint Solar Reach Agreement Re Merger Agreement
SunEdison and Vivint Solar, a provider of residential solar systems in the United States, have reached an agreement to amend and modify the terms of the definitive merger agreement previously announced on July 20, 2015. In conjunction therewith, SunEdison also announced that 313 Acquisition LLC ("313 Acquisition"), the vehicle controlled by private equity funds managed by Blackstone, has entered into a commitment to provide a $250 million credit facility to fund the ongoing growth of SunEdison. The merger is anticipated to close in the first quarter of 2016.
"SunEdison is very pleased to reach an agreement with Vivint Solar and 313 Acquisition to modify the merger agreement. Given the recent market volatility, we believe the modified agreement is in the best interest of all parties. We look forward to growing our residential and small commercial business with Greg Butterfield and his exceptional team," said Ahmad Chatila, SunEdison's chief executive officer. "In addition, we are also delighted to add the Blackstone team as a key new stakeholder and partner."
"We are excited to join the SunEdison team," said Greg Butterfield, Vivint Solar's chief executive officer. "We look forward to continuing to strengthen our leading platform in the residential and small commercial space."
"We believe the combined SunEdison and Vivint Solar platform will be well positioned to be the leader in the growing renewable energy space, and we are pleased to see the transaction move forward," said Peter Wallace, Vivint Solar's board chairman and Blackstone's senior managing director. "Blackstone looks forward to SunEdison's future success."
