After the completion of this offering, 313 Acquisition, an affiliate of Blackstone Group L.P. (NYSE: BX), will continue to own a majority of the voting power of all outstanding shares of the common stock.
The underwriters for this offering are Goldman Sachs, Bank of America Merrill Lynch, Credit Suisse, Citigroup, Morgan Stanley, Deutsche Bank and Barclays.
The company describes itself and strategy as:
We offer distributed solar energy — electricity generated by a solar energy system installed at customers’ locations — to residential customers based on 20-year contracts at prices below their current utility rates. Our customers pay little to no money upfront, typically realize savings of 15% to 30% relative to utility generated electricity immediately following system interconnection to the power grid and continue to benefit from guaranteed energy prices over the term of their contracts, insulating them against unpredictable increases in utility rates.
Vivint had approximately 850,000 subscribers at the end of June. Its total revenue was $6.17 million for the successor company in 2013. Revenue rose to $10 million in the first half of 2014 from the previous year’s revenue of $1.9 million.
Since Vivint was created in May 2011, it has experienced rapid growth to the point of becoming the second-largest installer of solar energy systems — approximately 8% market share in 2013 — in the U.S. residential market, according to GTM Research. Vivint operates in seven states, including California and New York.
READ ALSO: Calithera Files for IPO to Fund Cancer Tumor Therapy Projects
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
