Vistra, a utility company based in Texas, US, has agreed to acquire power generation company Cogentrix Energy in a cash and stock deal worth around $4.7bn.
Currently, funds managed by Quantum Capital Group indirectly own Cogentrix.
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The consideration is made up of $2.3bn in cash, $900m in Vistra stock and the assumption of $1.5bn in debt, partially offset by tax benefits expected to total roughly $700m.
Through the deal, Vistra will add ten natural gas-fired power plants with a combined capacity of approximately 5.5GW.
The deal covers three combined-cycle gas turbine (CCGT) facilities and two combustion turbine facilities within the PJM transmission area, four combined cycle gas turbine facilities within ISO New England and one cogeneration plant within ERCOT.
The assets being acquired include the Patriot CCGT facility and the Hamilton-Liberty CCGT plant, both with a capacity of 881MW and located in Pennsylvania.
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By GlobalDataVistra expects the addition of the ten facilities to expand its total generation capacity to nearly 50GW across the US.
President and CEO Jim Burke said: “The addition of this natural gas portfolio is a great way to start another year of growth for Vistra as we have completed, acquired, or developed projects in each of the competitive power regions where we operate.”
The transaction’s implied value stands at approximately $730/kW of capacity and represents a multiple of around 7.25-times the expected adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) contribution in 2027.
Goldman Sachs & Co. is acting as financial adviser to Vistra alongside several legal advisers, while Evercore and King & Spalding are advising Cogentrix and parent company Quantum Capital Group.
Completion of the acquisition remains subject to regulatory approval by agencies including the Federal Energy Regulatory Commission and the Department of Justice under the Hart-Scott-Rodino Act, as well as certain state authorities.
Vistra expects to complete the acquisition in the second half of 2026, pending customary closing conditions.
This transaction follows the company’s previous purchase of seven gas-fired plants from Lotus Infrastructure Partners for $1.9bn in May 2025.
