Vistra agrees to acquire Cogentrix gas fleet for $2.3 billion cash plus shares
On December 31, 2025, Vistra agreed to buy Cogentrix Energy's roughly 5,500 MW of natural gas generation, with a net purchase price of about $4.0 billion. Consideration includes about $2.3 billion in cash, 5,000,000 new Vistra common shares valued at $185 per share, and assumption of about $1.5 billion of Cogentrix debt. The company expects the deal to close in mid-to-late 2026, subject to regulatory approvals, and the 5 million shares would be issued to the seller.
Key points
- Cash consideration of about $2.3 billion plus 5,000,000 Vistra shares at $185 per share (about $0.9 billion), with a net purchase price of about $4.0 billion
- Portfolio of 10 facilities totaling about 5,500 MW; closing expected mid-to-late 2026, subject to FERC, Hart-Scott-Rodino and state approvals
- Vistra expects mid-single-digit Ongoing Operations AFCFbG per share accretion in 2027, a management projection
- Reverse termination fees of $77,839,364 (Purchase Agreement) and $72,160,636 (Merger Agreement); Termination Date is after December 31, 2026, subject to extensions
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on January 05, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.