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SunEdison Cuts Price for Vivint Deal After Shares Plunge

  • Companies agree to reduce cash by $2 a share, increase stock
  • Blackstone commits $250 million in credit to help SunEdison
Updated on

SunEdison Inc., the worst-performing solar company this year, is revising the terms of its much-criticized deal to acquire Vivint Solar Inc., reducing the initial $2.2 billion price by at least 25 percent.

The company agreed in July to pay $16.50 a share for Vivint, a developer of rooftop solar systems. Under new terms announced Wednesday, it will pay about $12.35 a share in cash, stock and convertible notes, according to Mahesh Sanganeria, an analyst with RBC Capital Markets.