NRG Energy, Inc. (NRG) and GenOn Energy, Inc. (GEN) announced a definitive agreement to combine the two companies in a stock-for-stock tax-free transaction.
This agreement creates the largest competitive generator in the United States with a diverse fleet of about 47,000 megawatts with asset concentrations in the East, Gulf Coast and West and a combined enterprise value of $18 billion.
The transaction will enhance annual combined company EBITDA by $200 million by 2014 by realizing cost and operational efficiency synergies. In addition, the transaction will enable the combined company to reduce its interest and liquidity costs, and realize other balance sheet efficiencies, in aggregate, of $100 million per year. As a result, total recurring FCF benefits generated by this transaction will be about $300 million per year, the company said.
The company stated that GenOn shareholders will receive 0.1216 of a share of NRG common stock in exchange for each GenOn share of common stock.
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