Sunrun, Vivint Solar Announce Stock Purchase Agreement Between Coatue and Blackstone Affiliate

SAN FRANCISCO, Aug. 18, 2020 (GLOBE NEWSWIRE) -- Sunrun (Nasdaq: RUN) and Vivint Solar (NYSE: VSLR) today announced that Coatue US 24 LLC (“Coatue”), a vehicle affiliated with Coatue Management, L.L.C., has entered into a Stock Purchase Agreement with 313 Acquisition LLC (Blackstone affiliate) (“313 Acquisition”) for the purchase of 11,627,907 shares of Vivint Solar common stock in a private transaction. 313 Acquisition sold the shares to Coatue for $21.50 per Vivint Solar share, which was based on the trailing 10-day volume weighted average price of Vivint Solar common stock with a reference date of August 4, 2020, representing an aggregate purchase of approximately $250 million.

In connection with the purchase, Coatue has (i) entered into a support agreement, pursuant to which Coatue agreed, among other things, to vote its shares of Vivint Solar common stock acquired from 313 Acquisition in favor of the adoption of the merger agreement previously entered into by Sunrun and Vivint Solar and (ii) entered into a lock-up agreement, pursuant to which Coatue agreed not to transfer the shares it acquires from 313 Acquisition for 120 days following the closing of the merger, subject to certain exceptions, as further described in regulatory filings relating of Sunrun and Vivint Solar relating to the purchase made today with the Securities and Exchange Commission. Neither Sunrun nor Vivint Solar sold any shares of common stock in the transaction and neither company will receive any proceeds from the sale of shares by 313 Acquisition to Coatue.

About Sunrun                        

Sunrun Inc. (Nasdaq: RUN) is the nation’s leading home solar, battery storage, and energy services company. Founded in 2007, Sunrun pioneered home solar service plans to make local clean energy more accessible to everyone for little to no upfront cost. Sunrun’s innovative home battery solution, Brightbox, brings families affordable, resilient, and reliable energy. The company can also manage and share stored solar energy from the batteries to provide benefits to households, utilities, and the electric grid while reducing our reliance on polluting energy sources. For more information, please visit www.sunrun.com.