Residential solar play Sunrun surges on acquisition and the run may not be over, analysts say

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Shares of Sunrun surged nearly 30% to a new all-time high on Tuesday after the company announced that it will buy Vivint Solar in an all-stock deal that values the company at $3.2 billion, including debt.

The deal, which will merge the U.S.' two largest residential solar companies, comes as the industry attempts to bounce back from a slowdown caused by Covid-19. 

In a statement SunRun said that the deal will grow the company's customer base to nearly 500,000, while saving roughly $90 million in costs on an annual basis.