Vivint Solar was negotiating a buy-out with SunEdison, but according to BI, “Vivint Solar terminated the deal in March after SunEdison failed to close on the planned acquisition. SunEdison filed for Chapter 11 bankruptcy protection in April after a short-lived but aggressive binge of debt-fueled acquisitions proved unsustainable.”
On May 2, Bloomberg published an article: “Vivint Replaces CEO Butterfield After SunEdison `Disruption’” (referring to Vivint Solar). The article states: “Greg Butterfield is stepping down and David Bywater, chief operating officer of Vivint Smart Home, was named interim CEO. The company is also starting a search for a permanent CEO.” This news comes almost 2 months after Vivint Solar “terminated a deal to be acquired by SunEdison.” and only five days after the Romney/Thiel deal was announced for Vivint Smart Home.
Butterfield led Vivint Solar in its initial public offering in October 2014. Bywater has served as Vivint Smart Home’s chief operating officer since 2013. Vivint Solar is now suing SunEdison. The Romneys and Thiel now have $100 million invested in Vivant Smart Home, a large amount for any company you may have never heard of, in a market that Business Insider describes as in a “weird, frustrating, and confusing state”.
Note: In a call Friday AM, Vivant Smart Home was unable to confirm that David Bywater had moved over to Vivint Solar but had heard the rumor.
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