Sunrun’s $3.2 Billion Acquisition of Vivint Solar

Cooley LLP advised Sunrun, while Simpson Thacher represented Vivint Solar on the transaction. Weil, Gotshal & Manges represented The Blackstone Group as controlling shareholder of Vivint Solar. Wilson Sonsini Goodrich & Rosati advised Vivint Solar.

Sunrise, a publicly traded, leading provider of residential solar, battery and energy services completed its acquisition of Vivint Solar for Enterprise Value of $3.2 Billion.

The acquisition adds a complementary direct-to-home sales channel to Sunrun’s platform, increasing the company’s reach and capabilities in a growing market. Vivint Solar’s highly trained, consultative field sales experts will be an important part of the combined platform and will serve as critical ambassadors for consumers to learn the benefits of solar energy.

Vivint Solar stockholders are expected to own approximately 36% and Sunrun stockholders are expected to own approximately 64% of the combined company. The transaction 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.

Vivint Solar is a leading solar panel consulting, designing and installation company.

The Cooley team included Jamie Leigh (Picture), Ian Nussbaum, Calise Cheng, Erin Stafford, Daniel Han, Alessandra Murata, Ben Clark, Natalie Vernon, Ryan Stone, Michelle Lara, Ross Eberly, Tim Shapiro, Eileen Marshall, Daniel Lac, Wendy J. Brenner, Barbara Mirza, Andrew Epstein, Marleina Paz, Kelsea Carlson, Adam Connolly, TJ Graham, Isabelle Mackesey, Samuel Marriott, Adriana Wirtz, Rachel Katz, Lauren Rymer, Chris Andrews, Michael Coburn and Patrick Flanagan.

The Simpson Thacher team for Vivint Solar included Elizabeth Cooper, Brian Stadler, Michael Chao and Jiarui Li (M&A); Greg Grogan and Caitlin Fitzgerald (Executive Compensation and Employee Benefits); Drew Purcell and Sophie Staples (Tax); Genevieve Dorment (Intellectual Property); and Adeeb Fadil and Noreen Lavan (Environmental).

The Weil team advising Blackstone was led by Private Equity partner Christopher Machera and Antitrust partner Steven Newborn, and included Antitrust partner Megan Granger and Private Equity associate Joshua Whitford. The team also included Tax partner Mark Schwed; Public Company Advisory Group Co-Head Howard Dicker and partner Adé Heyliger.

The Wilson Sonsini team advising Vivint Solar included Robert Day, Michael Nordtvedt, Scott Zimmermann, Stuart Odell, Stephanie Phillips, Jenna Feistritzer, Brandon Gantus, Jamison Klang, Scott Sher, Michelle Hale, J. Todd Hahn, Stacy Ruegilin, Alexander Poonai.

Involved fees earner: Christopher Andrews – Cooley LLP; Wendy Brenner – Cooley LLP; Kelsea Carlson – Cooley LLP; Calise Cheng – Cooley LLP; Benjamin Clark – Cooley LLP; Michael Coburn – Cooley LLP; Adam Connolly – Cooley LLP; Ross Eberly – Cooley LLP; Andrew Epstein – Cooley LLP; Patrick Flanagan – Cooley LLP; TJ Graham – Cooley LLP; Daniel Han – Cooley LLP; Jane Jeong – Cooley LLP; Rachel Katz – Cooley LLP; Daniel Lac – Cooley LLP; Michelle Lara – Cooley LLP; Jamie Leigh – Cooley LLP; Adriana Lofaro Wirtz – Cooley LLP; Isabelle Mackesey – Cooley LLP; Samuel Marriott – Cooley LLP; Eileen Marshall – Cooley LLP; Barbara Mirza – Cooley LLP; Alessandra Murata – Cooley LLP; Ian Nussbaum – Cooley LLP; Marleina Paz – Cooley LLP; Lauren Rymer – Cooley LLP; Timothy Shapiro – Cooley LLP; Erin Stafford – Cooley LLP; Ryan Stone – Cooley LLP; Natalie Vernon – Cooley LLP; Michael Chao – Simpson Thacher & Bartlett; Elizabeth Cooper – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Adeeb Fadil – Simpson Thacher & Bartlett; Caitlin Fitzgerald – Simpson Thacher & Bartlett; Gregory Grogan – Simpson Thacher & Bartlett; Noreen Lavan – Simpson Thacher & Bartlett; Jiarui Li – Simpson Thacher & Bartlett; Andrew Purcell – Simpson Thacher & Bartlett; Brian Stadler – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Howard Dicker – Weil, Gotshal & Manges; Megan Granger – Weil, Gotshal & Manges; Adé Heyliger – Weil, Gotshal & Manges; Christopher Machera – Weil, Gotshal & Manges; Steven Newborn – Weil, Gotshal & Manges; Mark Schwed – Weil, Gotshal & Manges; Joshua Whitford – Weil, Gotshal & Manges; Robert Day – Wilson Sonsini Goodrich & Rosati; Jenna Feistritzer – Wilson Sonsini Goodrich & Rosati; Brandon Gantus – Wilson Sonsini Goodrich & Rosati; Todd Hahn – Wilson Sonsini Goodrich & Rosati; Jamison Klang – Wilson Sonsini Goodrich & Rosati; Michael Nordtvedt – Wilson Sonsini Goodrich & Rosati; Stuart Odell – Wilson Sonsini Goodrich & Rosati; Stephanie Phillips – Wilson Sonsini Goodrich & Rosati; Alexander Poonai – Wilson Sonsini Goodrich & Rosati; Stacy Ruegilin – Wilson Sonsini Goodrich & Rosati; Scott Sher – Wilson Sonsini Goodrich & Rosati; Michelle Yost Hale – Wilson Sonsini Goodrich & Rosati; Scott Zimmermann – Wilson Sonsini Goodrich & Rosati;

Law Firms: Cooley LLP; Simpson Thacher & Bartlett; Weil, Gotshal & Manges; Wilson Sonsini Goodrich & Rosati;

Clients: Blackstone; Sunrun Inc.; Vivint Solar;

Author: Ambrogio Visconti