SunEdison Inc SUNE 7.23%, Vivint Solar Inc VSLR 0.63% and TerraForm Power Inc TERP 3.41% announced a deal on Monday morning for SunEdison to acquire Vivint Solar for about $2.2 billion in cash, shares of SunEdison common stock and SunEdison convertible notes.

As part of the deal, TerraForm has entered into a definitive purchase agreement to acquire Vivint Solar’s 523 megawatt rooftop solar portfolio for $922 million in cash upon completion of the Vivint/SunEdison deal.

Shares of Vivint Solar were up more than 40 percent in Monday’s pre-market session.

Terms

When the deal is executed, Vivint Solar shareholders will receive $16.50 per share, consisting of $9.89 per share in cash, $3.31 per share in SunEdison stock and $3.30 per share in SunEdison convertible notes. SunEdison expects to issue about $370 million in common stock and $350 million in convertible notes to Vivint Solar shareholders.

Management speaks

All of the parties involved in the deal spoke…

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