Dive Summary:
- NRG Energy announced on Sunday that it had completed a deal to acquire GenOn Energy for about $1.7 billion in stock
- The deal, which will create one of the largest power companies in the U.S., will see NRG pay 0.1216 of a share for each GenOn share, according to a report from The New York Times.
- GenOn's current chief executive, Edward R. Muller, will become vice chairman under Howard E. Cosgrove, NRG's current chairman.
From the article:
NRG Energy said Sunday that it had agreed to buy GenOn Energy for about $1.7 billion in stock, creating one of the biggest independent power generation companies in the country.
The deal is the latest example of consolidation within the power industry, as companies seek to deal with falling electricity prices. NRG has pursued several transactions over the past decade, and GenOn was formed from the 2010 union of RRI Energy and Mirant. ...
