Activist investor Elliott pushes for change at NRG Energy
May 15, 2023 at 10:32 am - by Editor Prism MarketView
The company’s shares were up 7.14% premarket following the letter.
The recommendations will remedy NRG’s underperformance and strategic missteps including the acquisition of Vivint Smart Home (NYSE:VVNT) Inc, Elliott said.
In December, NRG said it would buy Vivint Smart Home Inc for $2.8 billion in cash.
The activist investor called it “the single worst deal in the power and utilities sector in the past decade”.
Elliott manages funds that have an investment of about $1 billion, representing a more than 13% interest in NRG Energy.
