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March 16, 2023

Kramer Levin Advises Key Shareholders in Proposed Strategic Merger between Energy Harbor Corp. and Vistra Corp.

Kramer Levin represented our clients, funds managed by Avenue Capital Group (Avenue) and funds advised by Nuveen Asset Management, LLC (Nuveen), in a strategic combination between Vistra Corp. and Energy Harbor Corp announced on March 6, 2023. Upon closing of the transaction, Energy Harbor will merge with and into a newly-formed subsidiary of Vistra, known generally as “Vistra Vision.” Total consideration will consist of $3 billion cash and a 15% equity interest in Vistra Vision. Most Energy Harbor shareholders will receive cash at closing, and the two largest shareholders, Avenue and Nuveen, will receive a combination of cash and the 15% ownership interest.

Vistra Vision will include Energy Harbor's nuclear and retail businesses and Vistra's nuclear and retail businesses and Vistra Zero renewables and storage projects. The zero-carbon generation company is expected to comprise the second-largest competitive nuclear generation fleet in the country and will complement Vistra Vision’s growing renewables and energy storage portfolio and a leading retail electricity business.

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