Why Vistra's Stock Is Powering Higher Today
Racing out of the gate to start the week, shares of Vistra (NYSE: VST) are rising today after news that the Texas electric utility is acquiring Energy Harbor. But that's not all. Vistra has also announced that it has authorized an increase to its share-buyback plan.
As of 10:40 a.m ET, shares of Vistra are up 13.1%.
Looking to expand its renewable energy offerings, Vistra has executed a definitive agreement to acquire Energy Harbor for $3 billion in cash. In addition, Energy Harbor will receive a 15% equity stake in Vistra Vision, a newly formed subsidiary that is the result of the combination of Vistra's nuclear and retail businesses, Energy Harbor's nuclear and retail businesses, and Vistra's renewables and storage business, Vistra Zero.
Source Fool.com
