SunEdison Inc. said Monday it is buying Vivint Solar for approximately $2.2 billion. Lehi, Utah-headquartered Vivint Solar is a provider of residential solar systems in the U.S. The company is majority owned by private equity firm Blackstone Group. Vivint Solar did an IPO last fall. According to the announcement Monday on the deal with SunEdison, Vivint Solar stockholders will receive $16.50 per share, which will consist of $9.89 per share in cash, $3.31 per share in SunEdison stock, and $3.30 per share in SunEdison convertible notes. The deal is expected to close in the fourth quarter of 2015. Concurrent with the completion of SunEdison’s purchase of Vivint Solar, TerraForm Power Inc., an indirect subsidiary of SunEdison, will acquire Vivint Solar’s rooftop solar portfolio, consisting of 523 megawatts expected to be installed by year-end 2015, for $922 million in cash. TerraForm Power will also acquire future completed residential and small commercial projects from SunEdison’s expanded residential and small commercial business unit.
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