Feb 25 (Reuters) - SunEdison Inc said it has defeated an injunction filed by David Tepper’s Appaloosa Management on its TerraForm deal.
The company on Thursday said it was “gratified” after the Court of Chancery in Delaware denied Appaloosa’s injunction to prevent SunEdison’s yield co, TerraForm Power Inc, from buying some of Vivint Solar Inc’s assets.
TerraForm is to acquire Vivint’s residential solar rooftop portfolio for $799 million after SunEdison completes the Vivint transaction.
Appaloosa has repeatedly said TerraForm’s acquisition of Vivint’s assets, which had an initial purchase price of $922 million, was not in the interest of the yield co’s shareholders, mainly because it would alter the company’s business model and force it to take on debt of $960 million. (Reporting by Sneha Teresa Johny in Bengaluru; Editing by Andrew Hay)