Sidley Advises Vistra on Acquisition Financing of Cogentrix Energy

Sidley represented Vistra Corp. (Vistra) in connection with certain financing and disclosure aspects of its definitive agreements to acquire Cogentrix Energy, which is indirectly owned by funds managed by Quantum Capital Group. The transaction was announced on January 5, 2026, and has an enterprise value of approximately US$4.7 billion.

The acquisition includes three combined cycle gas turbine facilities and two combustion turbine facilities located across PJM, four combined cycle gas turbine facilities in ISO New England, and one cogeneration facility in ERCOT. According to Vistra, the transaction further strengthens its industry-leading generation portfolio and expands its presence across key U.S. power markets.

The Sidley team was led by Kelly M. Dybala, William D. Howell, and Sean Damm, and included Ogechi A. Ezeofor and Alexander S. Waddell (Global Finance); Elizabeth M. Schubert and Michael Kalan (Investment Funds); Renaud Poizat (Securities Enforcement and Regulatory); Sarah Tucker, Keturah A. Brown, and Casey Khan (Energy and Infrastructure); and Molly Homann (M&A).