NEW YORK (TheStreet) -- SunEdison (SUNE) stock is increasing by 34.92% to $1.70 in late-afternoon trading Thursday after Vivint Solar (VSLR) shareholders approved the board's plan to be acquired by SunEdison in a $1.9 billion deal.

Shares spiked as much as 38% earlier today in SunEdison's biggest intraday gain since November 24, according to Bloomberg.

The investors voted to approve the takeover with 100 million votes for and 101,000 against the deal, Bloomberg adds.

Under the terms of the merger, SunEdison's TerraForm Power (TERP) yieldco is supposed to buy 470 megawatts of Vivint's assets for $799 million, although David Tepper's Appaloosa Management is suing to block the purchase.

The hedge fund owns a 9.5% stake in TerraForm Power, and argues that the transaction benefits SunEdison more than the yieldco.

Additionally, BTG Pactual and Brazilian private equity firm Patria are suing the renewable energy company for $150 million after SunEdison backed out of a power company sale in October, Reuters reports, citing the Valor Econômico newspaper.

The two companies are hoping to be compensated for investments they made to prepare Latin American Power to be sold to SunEdison in a $733 million deal, Reuters adds.

Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.

SunEdison's strengths weaknesses include its generally high debt management risk, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: SUNE

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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