Stock Market

Why NRG Energy Is Buying Vivint Smart Home

NRG Energy

has agreed to acquire

Vivint Smart Home

in a $2.8 billion cash deal, the companies said Tuesday, as the Texas-based energy and utility giant pushes into the consumer segment with a takeover of the home services platform.

NRG (ticker: NRG) stock slid 8.2% in U.S. premarket trading after the acquisition was announced, with shares in Vivint (VVNT) flying 32% higher. The deal for $12 a share values Vivint at a 33% premium to the stock’s close at $8.99 on Monday. Vivint stock has fallen 10% this year, outperforming the

S&P 500

index, which has shed 17%.

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