Latham Advises on Financing to Support NRG Energy, Inc.’s Acquisition of Vivint Smart Home, Inc.
NRG Energy, Inc. (NYSE: NRG) and Vivint Smart Home, Inc. (NYSE: VVNT), a leading smart home company in the United States, have announced that they have entered into a definitive agreement pursuant to which NRG will acquire Vivint for US$12 per share or US$2.8 billion in an all-cash transaction with an implied multiple of 6.3x run-rate Enterprise Value to Adjusted EBITDA. The agreement has been unanimously approved by the boards of directors of both companies. The transaction is expected to close in the first quarter of 2023 and is subject to customary closing conditions.
Latham & Watkins LLP represented the financing provider to support the transaction with a banking team led by New York partners Dan Seale and Nicole Fanjul, with associate Sarah Lohschelder, and a capital markets team led by New York partner Keith Halverstam and New York counsel Ryan deFord, with associates Simon Cooke and Ian Lachow. Advice was also provided on energy regulatory matters by Washington, D.C. partner Tyler Brown, with associate Jamie Blackburn; and on environmental matters by New York counsel David Langer.