NRG Energy Drops 10% On Decision To Buy Vivint Smart Home

Shares of NRG Energy, Inc. (NRG) are falling more than 10% after the company announced its decision to acquire Vivint Smart Home, Inc. (VVNT) for $2.8 billion, to be paid in cash.

Vivint Smart Homes provides smart home and security systems.

“The acquisition accelerates the realization of NRG’s consumer-focused growth strategy and creates the leading essential home services platform fueled by market-leading brands, unparalleled insights, proprietary technologies, and complementary sales channels,” NRG said.

NRG, currently at $36.51, has traded in the range of $34.91- $47.82 in the last 1 year.

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