Vistra Cogentrix acquisition plans add 10 natural-gas power plants as U.S. power demand rises. Vistra announced the deal on January 5, 2026. ([Reuters][1])
Deal snapshot
The Vistra Cogentrix acquisition values the transaction at about $4.7 billion, including cash, stock, and assumed debt, Reuters reported. ([Reuters][1])
Vistra’s own release framed the economics as a net purchase price of about $4.0 billion after expected tax benefits. ([Vistra Corp. Investor Relations][2])
The Vistra Cogentrix acquisition consideration, per Vistra, includes:
$2.3 billion in cash
~$0.9 billion in Vistra stock (5 million shares valued at $185 each)
~$1.5 billion of assumed Cogentrix debt
Less ~$0.7 billion net present value of expected tax benefits ([Vistra Corp. Investor Relations][2])
That structure helps explain why headlines cite ~$4.7 billion while Vistra cites ~$4.0 billion net. The Vistra Cogentrix acquisition also includes customary working-capital style adjustments. ([Vistra Corp. Investor Relations][2])
What Vistra is buying
The Vistra Cogentrix acquisition covers 10 modern natural-gas generation facilities totaling roughly 5,500 MW (5.5 GW). ([Reuters][1])
The plants sit in three major competitive power markets:
PJM (Mid-Atlantic and Midwest)
ISO New England
ERCOT (Texas) ([Vistra Corp. Investor Relations][2])
Vistra said the package includes combined-cycle and combustion-turbine assets in PJM, combined-cycle assets in ISO New England, and one cogeneration facility in ERCOT. ([Vistra Corp. Investor Relations][2])
Why the Vistra Cogentrix acquisition is happening now
The Vistra Cogentrix acquisition lands as power companies prepare for higher load growth. Reuters tied that trend to data centers supporting AI workloads. ([Reuters][1])
Quantum, which owns Cogentrix via its funds, said U.S. electricity demand reached “all-time highs” amid data center expansion, industrial growth, and electrification. ([GlobeNewswire][3])
Vistra also positioned the Vistra Cogentrix acquisition as a way to expand its footprint in “key markets” and serve growing customer demand. CEO Jim Burke highlighted Vistra’s ability to integrate and operate generation assets. ([Vistra Corp. Investor Relations][2])
Valuation, returns, and what Vistra is promising
Vistra said the Vistra Cogentrix acquisition implies about $730 per kW of capacity and about 7.25x the portfolio’s expected 2027 adjusted EBITDA contribution. ([Vistra Corp. Investor Relations][2])
The company said the Vistra Cogentrix acquisition should be mid-single-digit accretive to certain per-share cash-flow measures in 2027 and high single-digit accretive on average over 2027–2029. ([Vistra Corp. Investor Relations][2])
Vistra also reiterated capital-return and balance-sheet goals, including a long-term net leverage target below 3x and ongoing dividends plus share repurchases. ([Vistra Corp. Investor Relations][2])
Timing, approvals, and key conditions
The Vistra Cogentrix acquisition is expected to close mid-to-late 2026, subject to regulatory approvals. ([Reuters][1])
Vistra and Quantum both cited approvals that include FERC, U.S. antitrust review under the Hart-Scott-Rodino Act, and certain state approvals. ([Vistra Corp. Investor Relations][2])
Market read-through
Investors treated the Vistra Cogentrix acquisition as a positive signal on capacity value. Reuters reported Vistra shares rose about 5% in after-hours trading after the announcement. ([Reuters][1])
The Vistra Cogentrix acquisition also follows Vistra’s earlier gas deal. Reuters noted Vistra bought seven gas-fired plants from Lotus Infrastructure Partners in 2025 for $1.9 billion. ([Reuters][1])
What to watch next
The Vistra Cogentrix acquisition now moves into a long approval window. Investors will watch PJM, ISO-NE, and ERCOT market pricing signals and any remedies tied to competition reviews.
They will also track how Vistra executes integration and how it funds the cash portion. Vistra’s stated leverage targets will guide that debate. ([Vistra Corp. Investor Relations][2])
Sources :
https://www.reuters.com/business/energy/vistra-buy-cogentrix-energy-4-billion-deal-2026-01-05/
https://investor.vistracorp.com/2026-01-05-Vistra-Adds-to-its-Industry-Leading-Generation-Portfolio-with-Acquisition-of-Cogentrix
https://www.globenewswire.com/news-release/2026/01/05/3213217/0/en/Quantum-Capital-Group-Announces-Sale-of-Cogentrix-to-Vistra-for-4-7-Billion.html