SunEdison wins antitrust clearance to buy Vivint Solar

US renewables major SunEdison Inc (NYSE:SUNE) has obtained antitrust clearance for its planned USD-2.2-billion (EUR 1.95bn) takeover of local residential photovoltaic (PV) systems installer Vivint Solar (NYSE:VSLR).

More specifically, the Federal Trade Commission (FTC) and the Department of Justice have concluded their review of the agreed tie-up and have decided not to take any further action, Vivint said in a filing with the Securities and Exchange Commission (SEC).

The two companies unveiled their agreement to combine a month ago. Under the terms of the deal, SunEdison will pay for the purchase with cash, stock and convertible notes. After acquiring Vivint, the company will drop down its 523-MW rooftop solar portfolio to yieldco vehicle TerraForm Power Inc (NASDAQ:TERP) in exchange for a cash payment of USD 922 million.

In addition to expanding its existing residential and small commercial (RSC) business unit, the transaction will accelerate SunEdison’s ongoing activities in the US, the UK and Australia, it said previously.

In its SEC filing, Vivint’s CEO Greg Butterfield also noted that the two parties have created a small team comprising executives and other representatives from both sides in order to facilitate the process of integration.

(USD 1.0 = EUR 0.886)

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