Stock Alert: Sunrun Hits New 52-week High On Vivint Solar Acquisition

(RTTNews) - Shares of Sunrun Inc. (RUN) are rising more than 16 percent or $3.43 in Tuesday's morning trade at $24.77, after touching a new 52-week high of $24.86 earlier.

San Francisco-based Sunrun is a provider of residential solar, battery storage and energy services. Monday, Sunrun said it agreed to acquire Vivint Solar, Inc. (VSLR) in an all-stock transaction, under which each share of Vivint Solar common stock will be exchanged for 0.55 shares of Sunrun common stock. The transaction represents a combined enterprise value of $9.2 billion, based on the closing price of Sunrun's shares on July 6, 2020.

Vivint Solar stockholders are expected to own about 36 percent and Sunrun stockholders are expected to own about 64 percent of the fully diluted shares of the combined company. The transaction is expected to be completed during the fourth quarter of 2020.

Sunrun has traded in a range of $7.84 to $24.86 in the past 52 weeks.