Cogentrix Energy — 10 natural gas generation facilities, 5,500 MW CCGT and CT fleet
Vistra acquires Cogentrix Energy's 5.5 GW gas fleet to bolster reliability generation portfolio. Gross consideration $4.7B; net ~$4.0B after ~$0.7B tax benefits. Quantum Capital retained Cedar Bayou 4 (550 MW). Expected mid-single digit accretion in 2027. Expected close mid-to-late 2026 pending FERC, DOJ, and state approvals.
$4.00B
Deal Value
5,500MW
Capacity
Natural Gas
Technology
Multi-state
Location
Deal Details
- Deal Type
- Corporate M&A
- Seller / Sponsor
- Quantum Capital Group (Cogentrix)
- Buyer / Financier
- Vistra Corp
- Deal Value
- $4B ($2.3B cash + $0.9B stock + $1.5B debt - $0.7B tax benefits)
- Stage
- Operating
- ISO/RTO
- ERCOT, ISO-NE, PJM
- Source
- PR Newswire
Capital Structure
$4.00B
Total transaction value
Tranches
- Cash Consideration · Vistra Corp
- $2.30B
- Stock Consideration · Vistra Corp (5M shares at $185)
- $900M
- Assumed Debt
- $1.50B
Service Providers
Advisory & Legal
- Buyer Counsel
- Latham & Watkins, Sidley Austin, Cleary Gottlieb Steen & Hamilton
- Buyer Financial Advisor
- Goldman Sachs
- Seller Counsel
- King & Spalding
- Seller Financial Advisor
- Evercore
- Financial Advisor
- Goldman Sachs, Evercore
- notes
- Vistra acquires 5.5 GW gas fleet from Quantum Capital's Cogentrix. Goldman exclusive for Vistra; Evercore exclusive for Quantum/Cogentrix.
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