VST · 10-Q · 2026Q3 · Full report
Cogentrix Acquisition
Vistra Corp. · 2026-11-09 · Importance 71 · Surprise 60 · In source text
Vistra acquired Cogentrix on October 30, 2026, adding 10 natural gas generation facilities with approximately 5,500 MW of capacity across PJM, ISO-NE, and ERCOT. Consideration included approximately $2.2 billion in cash, net of specified adjustments, assumption of $1.7 billion of Cogentrix debt, and 5 million Vistra shares valued at $185 per share. On October 8, 2026, Vistra closed the sale of its Casco Bay, Beaver Falls, and Syracuse natural gas facilities; their assets and liabilities were classified as held for sale at September 30. In June 2026, Vistra committed up to $1 billion to KKR-affiliated Helix Fund, including a $500 million initial commitment and a further $500 million subject to commercial power-supply milestones or Vistra’s election.
Key facts
- Vistra acquired Cogentrix on October 30, 2026, adding ten natural gas generation facilities with approximately 5,500 MW of capacity across PJM, ISO-NE, and ERCOT. source
- Cogentrix acquisition consideration included approximately $2.2 billion in cash, net of adjustments, assumption of $1.7 billion of outstanding Cogentrix debt, and issuance of 5,000,000 Vistra common shares. source
- On November 5, 2026, Vistra repaid $1.7 billion of debt assumed in the Cogentrix acquisition using cash on hand and borrowings under its Receivables Facility and Repurchase Facility. source
- In October and November 2026, Vistra paid approximately $2.2 billion in cash as part of its acquisition of Cogentrix. source
- Cogentrix acquisition consideration included approximately $2.2 billion cash, net of adjustments, assumption of $1.7 billion of Cogentrix indebtedness, and 5,000,000 Vistra common shares valued at $185 per share. source
- In October and November 2026, Vistra repaid approximately $1.7 billion of debt assumed in the Cogentrix acquisition, reducing available liquidity. source
- On November 5, 2026, Vistra repaid the $1.7 billion of debt assumed in the Cogentrix Acquisition using cash on hand and borrowings under the Receivables Facility and Repurchase Facility. source
- The Cogentrix Acquisition added approximately 5,500 MW of modern natural gas generation capacity. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -4.9% | Cogentrix acquisition consideration included approximately $2.2 billion in cash, net of adjustments, assumption of $1.7 billion of… |
| liability | negative | realized | -3.8% | Cogentrix acquisition consideration included approximately $2.2 billion in cash, net of adjustments, assumption of $1.7 billion of… |
| liability | positive | realized | +3.8% | On November 5, 2026, Vistra repaid $1.7 billion of debt assumed in the Cogentrix acquisition using cash on hand and borrowings under its… |
| cash | negative | realized | -3.8% | On November 5, 2026, Vistra repaid $1.7 billion of debt assumed in the Cogentrix acquisition using cash on hand and borrowings under its… |
| assets | positive | realized | — | Vistra acquired Cogentrix on October 30, 2026, adding ten natural gas generation facilities with approximately 5,500 MW of capacity across… |