Acquisition remains on track to close in the second quarter of this year
– By Linton Levy –
Reliant Retail Transaction Update: As previously announced on March 2, 2009, NRG entered into a definitive agreement to acquire Reliant Energy, Inc.’s Texas retail business for $287.5 million in cash. The combination of a power generation and a leading retail franchise will create a strong, reliable and competitive business for the benefit of Texas customers.
On March 6, 2009, NRG and Reliant submitted the principal filings associated with its proposed transaction, including, Hart-Scott-Rodino pre-merger notification to the Federal Trade Commission. The transaction is not expected to raise any horizontal or vertical market power concerns because Reliant’s Texas retail businesses do not own any generation, transmission or distribution facilities. The acquisition remains on track to close in the second quarter of this year.
NRG Energy, Inc., a Fortune 500 company, owns and operates one of the country’s largest and most diverse power generation portfolios. NRG’s 48 plants provide approximately 24,000 megawatts of generation capacity—enough to power nearly 20 million homes. In November 2007, NRG won two of the industry’s highest honors—Platts Industry Leadership and Energy Company of the Year awards. Headquartered in Princeton, NJ, NRG is a member of the U.S. Climate Action Partnership (USCAP), a group of business and environmental organizations calling for mandatory legislation to reduce greenhouse gas emissions. More information is available at www.nrgenergy.com.
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