Core Viewpoint - Vistra has agreed to acquire Cogentrix Energy for approximately $4.7 billion, which includes cash, stock, and debt assumption [1][6]. Group 1: Acquisition Details - The acquisition consists of $2.3 billion in cash, $900 million in Vistra stock, and the assumption of $1.5 billion in debt, with tax benefits expected to total around $700 million [1]. - The deal will add ten natural gas-fired power plants with a combined capacity of approximately 5.5 GW to Vistra's portfolio [2]. - The assets include significant facilities such as the Patriot CCGT facility and the Hamilton-Liberty CCGT plant, both with a capacity of 881 MW located in Pennsylvania [3]. Group 2: Financial Metrics - The transaction's implied value is approximately $730 per kW of capacity and represents a multiple of around 7.25 times the expected adjusted EBITDA contribution in 2027 [4]. - Following the acquisition, Vistra's total generation capacity is expected to expand to nearly 50 GW across the US [3]. Group 3: Advisory and Regulatory Aspects - Goldman Sachs & Co. is serving as the financial adviser to Vistra, with Evercore and King & Spalding advising Cogentrix and Quantum Capital Group [5]. - The completion of the acquisition is subject to regulatory approval from various agencies, including the Federal Energy Regulatory Commission and the Department of Justice [5].