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.
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