Activist investor Elliott Management slams NRG's Vivint buy, calling it 'worst deal' in a decade
Mauricio Gutierrez, CEO of NRG Energy, at CERAWeek by S&P Global in March 2023 in downtown Houston. Activist investor Elliott Investment Management is calling Houston-based NRG Energy’s 2022 acquisition of home technology and security business Vivint the “single worst deal in the power and utilities sector in the past decade.
“We have strong conviction in the attractiveness of NRG's assets and believe that the company can become the leading integrated power company in North America,” Eliott’s investment team said in the letter. “However, the company's strategic decisions, execution and stock price underperformance make clear that significant changes are needed to repower NRG and restore the level of strategic focus and investor trust that drove the company's outperformance six years ago.
Laura Avant, a spokesperson for NRG, confirmed that NRG received the letter from Elliot and said the company looks forward to an “open dialogue” with the investment firm, but declined to comment further on the demands. “NRG’s Board and management are committed to creating long-term value for our customers and our shareholders,” she said in an email.In its letter, Elliott said it worked with NRG in 2017 to boost the utility’s financial performance by cutting costs and changing up the board.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NRG Energy up as Elliott discloses stake, calls for strategic review of Vivint unitNRG Energy Inc. stock rose 6.5% in premarket trades Monday after Elliott Management disclosed a $1 billion stake in the power company. Elliott Management...
Read more »
Activist investor Elliott pushes for change at NRG EnergyActivist investor Elliott Investment Management on Monday urged NRG Energy to make leadership and capital allocation changes, and called the U.S. utility's recent acquisition of Vivint Smart Home a 'strategic misstep'.
Read more »
Concert review: Ed Sheeran bring his biggest show yet to NRG Stadium in HoustonSheeran has moved from sold-out shows at Bayou Music Center and Toyota Center to BBVA...
Read more »
Concert review: Ed Sheeran brings his biggest show yet to NRG Stadium in HoustonSheeran's Saturday show in Houston was the third of his tour and follows the release of his fifth album last week '-' ('Subtract').
Read more »
Hansen's Sunday Notebook: Sean Elliott's path is one Azuolas Tubelis should consider followingGreg Hansen's Sunday Notebook: The Star's longtime columnist on what Azuolas Tubelis could learn from Sean Elliott, historically excellent Tucson high school teams, Allie Skaggs' unhear-of defensive season, Clancy Shields' next step and more.
Read more »