M&A · Energy · Electric Services
Zeo Energy Corp. to acquire Heliogen, Inc.
Announced May 29, 2025 · Closed Aug 11, 2025
Deal value$10M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$1.59 per share
Transaction
- Acquirer
- Zeo Energy Corp. (ZEO)
- Target
- Heliogen, Inc. (HLGN)
- Buyer type
- Strategic
- Offer price per share
- $1.59
- Enterprise value
- —
- Status
- Closed Aug 11, 2025
Deal protections
- Break fee (target pays)
- $0.5M · 4.5%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Pickering Energy Partners
Sector context · Energy
- Comparable deals
- 40 in the prior 24 months
- Premium
- Sector median 18.9%
- EV / Adj. EBITDA
- Sector median 8.3x
- Break fee
- 4.5% vs. 3.0% sector median
Timeline
- AnnouncedMay 29, 2025
- Proxy filedJul 11, 2025
- Definitive proxyJul 11, 2025
- Shareholder voteAug 8, 2025
- ClosedAug 11, 2025
Valuation · fairness opinions
Trading comparables$2.05$3.71
Discounted cash flow$4.74$6.79
Offer $1.59
Implied value per Heliogen, Inc. share by analysis · DCF discount rate 13%–17%.