Vistra (NYSE:VST) shares are trading higher on Monday after the company announced an agreement with Energy Harbor, under which Energy Harbor will merge with and into a newly-formed subsidiary called Vistra Vision. The company also announced it increased aggregate share repurchase authorization by $1 billion.

Consideration to Energy Harbor includes $3 billion cash and a 15% ownership interest in Vistra Vision. Vistra Vision will assume  approximately $430 million of net debt from Energy Harbor. 

Vistra will own 85% of Vistra Vision as well as 100% of the entities holding its remaining conventional generation assets, referred to as "Vistra Tradition."

Vistra is an integrated retail electricity and power generation company based in Irving, Texas, providing essential resources for customers, commerce and communities.

VST Price Action: Vistra has a 52-week high of $27.39 and a 52-week low of $20.76.

Vistra shares are up 14.5% at $25.41 at the time of writing, according to Benzinga Pro.