Vistra Corp. VST said Monday it will pay $3 billion to acquire Energy Harbor Corp. and combine it with a new unit called Vistra Vision, a retail electricity and zero-carbon generation company. Vistra Vision will own four nuclear power plants with 6,400 megawatts of power, with a renewables and energy storage portfolio. Energy Harbor’s two largest shareholders, Avenue Capital Group and Nuveen, will receive a combination of cash and the 15% ownership interest. Vistra Vision will assume $430 million of net debt from Energy Harbor in the transaction. Vistra will continue to own 85% of Vistra Vision, as well as 100% of Vistra Tradition, Vistra’s gas and coal generation fleet. Vistra stock is down 7.7% in 2023, compared to a 5.4% increase by the S&P 500 SPX.
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