Vivint Shareholders Overwhelmingly Approve SunEdison Acquisitionby
Blackstone Group is Vivint Solar's biggest shareholder
Transaction completion still under cloud of Tepper lawsuit
Vivint Solar Inc. shareholders voted to approved the board’s plan to be bought by SunEdison Inc. in a transaction valued at about $1.9 billion.
Shareholders led by Blackstone Group LP, which held 77 percent of Vivint Solar shares outstanding at the start of the year, approved the sale, with more than 100 million votes in favor and 101,000 against, the Lehi, Utah-based solar company said in a regulatory filing Wednesday.
Vivint slipped 2.1 percent to $5.51 at the close in New York, after the filing was released.
As part of the complicated Vivint deal, SunEdison’s TerraForm Power Inc. yieldco unit is supposed to pay $799 million for 470 megawatts of Vivint’s assets. David Tepper’s Appaloosa Management LP, which held a 9.5 percent stake in TerraForm, sued to block that portion of the deal, saying it benefits SunEdison more than TerraForm. A judge in Delaware Chancery Court heard the case Feb. 16 and a ruling is expected soon.