Vistra Acquires Cogentrix, Adds ~5,500 MW Gas Generation Portfolio

Vistra Corp. announced it has executed definitive agreements to acquire Cogentrix Energy, consisting of 10 natural gas generation facilities totaling approximately 5,500 MW, for a net purchase price of approximately $4.0 billion.

• Transaction details and timing: Acquirer Vistra Corp. will pay a net purchase price of ~$4.0 billion composed of ~$2.3 billion cash, ~$0.9 billion stock consideration (5 million shares at $185/share), and the assumption of ~ $1.5 billion of indebtedness, less ~$0.7 billion NPV of expected tax benefits; the price equates to ~$730/kW for the portfolio. The transaction is subject to FERC, DOJ (Hart-Scott-Rodino), and state regulatory approvals and is expected to close mid-to-late-2026.
• Portfolio and financial rationale: The acquisition includes 10 plants (~5,496 MW) across PJM, ISO-NE, and ERCOT (assets listed in release), average heat rate approx 7,800 Btu/kWh with some units sub-7,000 Btu/kWh; Vistra expects mid-single-digit Ongoing Operations AF C FbG per share accretion in 2027 and high single-digit accretion on average 2027–2029, reiterates capital allocation plan with long-term net leverage target <3x, planned $300 million annual dividends, and at least $1 billion of share repurchases each year. Advisors: Goldman Sachs to Vistra; Evercore to Cogentrix; legal advisors listed.