Nasdaq
华尔街日报Vistra Strengthens Generation Footprint With $4.7 Billion Acquisition
Vistra Corp. (NYSE:VST) stock rose Tuesday after the company disclosed that it has penned a deal to acquire Cogentrix Energy for around $4.7 billion.
Cogentrix is indirectly owned by funds managed by Quantum Capital Group.
The portfolio comprised 10 modern natural gas generation facilities with roughly 5,500 MW of total capacity.
The assets include three combined-cycle and two combustion-turbine plants in PJM, four combined-cycle facilities in ISO New England, and one cogeneration plant in ERCOT.
The Cogentrix portfolio has an average heat rate of approximately 7,800 Btu/kWh, including the Patriot and Hamilton-Liberty plants, which came online in 2016 with sub-7,000 Btu/kWh efficiency.
Details
In particular, Vistra will acquire the Cogentrix assets for a net purchase price of roughly $4.0 billion.
It will comprise of around $2.3 billion in cash, $900 million in Vistra stock (5 million shares valued at $185 each) to be issued to Quantum, and the assumption of about $1.5 billion of Cogentrix debt, offset by roughly $0.7 billion in expected tax benefits from the transaction.
This valuation represents a multiple of roughly 7.25x projected 2027 Adjusted EBITDA and approximately $730 per kW for the portfolio.
The transaction is anticipated to close in mid-to-late 2026, pending approval from the Federal Energy Regulatory Commission and other regulatory requirements.
Benefits & Synergies
The acquisition adds 5,500 MW of net capacity across high-growth regions in PJM, ISO New England, and ERCOT, expanding Vistra’s footprint and bringing its total U.S. generation capacity to roughly 50,000 MW.
The transaction is expected to deliver mid-single-digit accretion per share in 2027 and high single-digit average accretion from 2027 to 2029.
The company projects strong cash flow and tax benefits, and expects to exceed Vistra’s mid-teens levered return target.
Management Commentary
Vistra President and CEO Jim Burke said, “The addition of this natural gas portfolio is a great way to start another year of growth for Vistra as we’ve completed, acquired, or developed projects in each of the competitive power regions where we operate. Vistra continues to look for opportunities that allow us to meet the growing demand of customers and meet our disciplined investment thresholds.”
As of September 30, 2025, Vistra had total liquidity of approximately $3.71 billion, including $602 million in cash and cash equivalents.
VST Price Action: Vistra shares were up 4.34% at $170.00 during premarket trading on Tuesday, according to Benzinga Pro data.
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