follow us:Google+ FacebookLinkedInTwitterRSS Feeds

advertisement

In $2.63 billion deal, NRG Energy acquires Edison Mission

By

Back to Top Comments Print

News You Can Use

Latest News

advertisement

Princeton-based energy company NRG Energy Inc. announced today it will acquire Edison Mission Energy, of Santa Ana, Calif., in a $2.63 billion deal.

The acquisition is part of Edison Mission's Chapter 11 reorganization plan. The company filed for bankruptcy Dec. 17; since then, it said, all its facilities have maintained normal operations.

The aggregate purchase price, subject to certain post-closing adjustments, consists of approximately 12.7 million shares of NRG common stock, valued at $350 million, with the balance to be paid in cash on hand.

In connection with the transaction, NRG also will assume non-recourse debt of approximately $1.54 billion. The company said in a statement NRG and its affiliates will become the third-largest U.S.-based renewable energy generator in the nation, with more than 2,900 net MW of wind and solar capacity in operation or under construction.

This transaction will almost quadruple NRG's existing wind generation capacity with the addition of 1,700 net MW.

EME said it intends to file a motion today to seek approval of the plan sponsor agreement with the U.S. Bankruptcy Court for the Northern District of Illinois.

NRG expects to close the transaction in the first quarter of 2014.

NRG closed acquisitions of Energy Curtailment Specialists and a Texas cogerneration plant in August, following a July dividend of 12 cents per share.

Write to the Editorial Department at editorial@njbiz.com

advertisement

Advanced search
Sponsored by
advertisement
  
  
advertisement
  
  
advertisement
Back to Top