Stocks
Amazon Stock Gets Boost from Multibillion-Dollar Generac Deal
Amazon's stock price rose by 1.62% to $249.95 on Thursday, as the company announced a multibillion-dollar deal with Generac to supply its data centers with backup power equipment.
The agreement, which includes a warrant allowing Amazon to buy up to 1.7 million Generac shares at over $200 each, could be worth around $8 billion if fully exercised.
As part of the deal, Generac's stock price spiked by about 33% before Thursday's opening bell, while Amazon's investment vehicle picked up a warrant letting it buy close to 1.7 million Generac shares at just over $200 apiece.
The two companies also locked in a separate multiyear supply contract, projecting roughly $2.4 billion worth of generator shipments across 2027 and 2028 alone.