Vistra to acquire Cogentrix Energy in a $4.7bn deal, including $2.3bn in cash, $900m in stock, and $1.5bn in debt. Ten natural gas power plants with 5.5GW capacity will be added, expanding Vistra’s total to nearly 50GW. The acquisition is expected to be completed in the second half of 2026, pending regulatory approval.

Assets acquired include Patriot and Hamilton-Liberty plants in Pennsylvania. The deal values at $730/kW and represents a multiple of around 7.25-times expected adjusted EBITDA in 2027. Goldman Sachs & Co. is advising Vistra, while Evercore and King & Spalding are advising Cogentrix. Completion is subject to regulatory approvals.

Vistra’s CEO Jim Burke stated the natural gas portfolio addition is a great start to another year of growth. The transaction follows Vistra’s previous purchase of seven gas-fired plants from Lotus Infrastructure Partners for $1.9bn in May 2025. Regulatory approval is pending for the deal, with completion expected in the second half of 2026.

Read more at Yahoo Finance: Vistra to buy Cogentrix Energy in $4.7bn cash-and-stock deal