Nuveen's Muni Funds Strike $3 Billion Deal to Sell Power Stock [BNN Bloomberg (Canada)]
Vistra Corp. (VST)
Last vistra corp. earnings: 5/3 06:30 am
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Source: BNN Bloomberg
Nuveen LLC has reached an agreement to sell its 11% stake in Vistra Vision to Vistra Corp., in a deal expected to close in December, according to statement late Wednesday. The transaction will total about $3.25 billion, including a share from Avenue Capital Management. After the sale is completed, Texas-based Vistra will become the sole owner of its subsidiary Vistra Vision and Nuveen will receive payments it can reinvest into its municipal-bond funds. Vistra is a developer and owner of power plants and the best performing stock in the S&P 500 Index this year. Nuveen's muni funds had received the unusual equity holdings after Vistra Vision's predecessor, FirstEnergy Solutions, cut its debts in bankruptcy years ago. The power company made up 8.4% of Nuveen's $16.5 billion high-yield municipal bond fund as of Aug. 31, according to holdings information listed on the firm's website. “We want to generate tax-exempt income for the funds and this position doesn't do that,” said Dan Cl
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VST
Sec Filings
- 11/8/24 - Form SC
- 11/8/24 - Form 10-Q
- 11/7/24 - Form 8-K
- VST's page on the SEC website