|Date Announced:||February 19, 2019|
|Deal Value:||US$486 million (US$378 million in equity and US$108 million in debt)|
|Client Name:||Crius Energy Trust|
Vistra Energy and Crius Energy Trust have entered into a definitive agreement pursuant to which Vistra will acquire Crius Energy for cash consideration of C$8.80 per trust unit. The cash consideration was increased from C$7.70 to C$8.80 per trust unit in response to the receipt by Crius Energy of an unsolicited acquisition proposal from a third-party bidder on February 14, 2019.
The transaction follows a competitive strategic review process led and unanimously recommended by the Independent Directors of Crius Energy, and unanimously approved by Crius Energy's Board of Directors.
The purchase price of C$8.80 per unit represents an approximately 60.6 percent premium to Crius Energy's unit price of C$5.48 as of market close on Feb. 6, 2019. In addition to the purchase price, Crius Energy unitholders will receive Crius Energy's previously-declared distribution for the first quarter of 2019 in the amount of C$0.209 per unit for total consideration in the amount of C$9.009 per unit. Under the definitive agreement, Crius Energy has agreed not to declare any further distributions prior to the closing.