Sunrun and Vivint Solar have announced that Coatue US 24 LLC (Coatue), a vehicle affiliated with Coatue Management, L.L.C., has entered into a Stock Purchase Agreement with 313 Acquisition LLC (313 Acquisition), an affiliate of The Blackstone Group Inc., for the purchase of 11,627,907 shares of Vivint Solar common stock in a private transaction. 313 Acquisition sold the shares to Coatue for US$21.50 per Vivint Solar share, which was based on the trailing 10-day volume weighted average price of Vivint Solar common stock with a reference date of August 4, 2020, representing an aggregate purchase of approximately US$250 million.
Latham & Watkins LLP represented Coatue Management, L.L.C. in the transaction with a corporate deal team led by New York partner Greg Rodgers and Bay Area/New York partner Josh Dubofsky, with associates Thomas Gabay and Matt DeSilva. Advice was also provided on antitrust matters by Washington, D.C. partner Mandy Reeves, with counsel Patrick English; on public company matters by Washington, D.C. associate William Hackett; and on CFIUS matters by Washington D.C. partner Les Carnegie.