While the deal happened over a few short months and countless video calls, Sunrun had been thinking about partnering with Vivint four nearly four years.
Through interviews with Sunrun's CEO and CFO, in addition to a recent public filing, we pieced together how the deal came together. The race to buy Vivint Solar was bound, almost entirely, by a few short months in the coronavirus pandemic. "Back in the 2016 timeframe, I think we both recognized that the two companies have really complementary customer reach," Sunrun's CEO, Lynn Jurich, told Business Insider. A complementary approach to acquiring new customers — one of the industry's biggest costs — is a key reason behind the proposed acquisition, Jurich said.
Though details are sparse, the public filing reveals that Sunrun and Vivint execs met with each other between late 2016 and mid-2018 to discuss the benefits of a merger, but no specific terms were discussed at that time. At the beginning of the year, following interest from several buyers, Vivint Solar kicked off a formal bidding process, in lieu of striking a deal with one of its existing suitors.
Two bidders ended up pulling out, citing the pandemic, leaving Sunrun and two other firms, which submitted a joint indication of interest, locked in a bidding war that played out virtually from April through June. "We have the opportunity to really get more batteries out there at a bigger scale, so we can build these virtual power plants," Jurich said. Mergers often spark concerns of layoffs, as certain jobs might become redundant.
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