Value Don't Lie

Value Don't Lie

Share this post

Value Don't Lie
Value Don't Lie
NRG acquisition of VVNT
Copy link
Facebook
Email
Notes
More

NRG acquisition of VVNT

NRG continues path toward recurring, home services revenue

Dec 22, 2022
∙ Paid
2

Share this post

Value Don't Lie
Value Don't Lie
NRG acquisition of VVNT
Copy link
Facebook
Email
Notes
More
Share

On 12/6/22, NRG announced they will acquire Vivint Smart Home Inc (VVNT) for $2.8bn cash / $5.4bn enterprise value with assumed debt. That deal announcement sent shares of VVNT soaring and NRG down big (-22%). NRG is paying 6.3x EBITDA with synergies baked in.

NRG is a merchant power plant with a retail energy business and VVNT is a home security business (similar to ADT). An interesting combination for sure…

Let’s take a look at the deal and see if there’s any value to be found…

This post is for paid subscribers

Already a paid subscriber? Sign in
© 2025 Value Don't Lie
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More