By Stephen Lacey, Greentech Media
SunEdison shares jumped more than 14 percent today after the company revised the terms of its acquisition of residential installer Vivint Solar.
In July, SunEdison unveiled a $2.2 billion plan to acquire Vivint in cash, stock and convertible notes. Investors were not thrilled with the terms of the deal, however, and SunEdison’s stock declined precipitously over the following months.
Under the new agreement, SunEdison’s YieldCo, TerraForm Power, will pay $799 million in cash for Vivint’s residential portfolio — down from the original $922 million in cash. Vivint Solar shareholders have an option to purchase SunEdison’s common stock for an additional $0.75 per share.