Electric utility NRG Energy Inc. (NRG) and GenOn Energy, Inc. (GEN: Quote) announced that they have received notice from the Department of Justice and the Federal Trade Commission granting early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the previously announced merger of NRG and GenOn. Early termination of the waiting period satisfies a condition to the closing of the merger.
The merger remains subject to the satisfaction or waiver of other closing conditions, including approval by the shareholders of both companies, regulatory approvals by the Federal Energy Regulatory Commission, the New York Public Service Commission and the Public Utility Commission of Texas, and the threshold determination by the Nuclear Regulatory Commission that its approval is not required.
The merger is expected to close by the first quarter of 2013.
In July 2012, NRG Energy agreed to acquire GenOn Energy in an all-stock deal valued at about $1.7 billion, creating the largest power company in the U.S. Including net debt, the deal was reportedly valued at about $4.2 billion.
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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by RTT Staff Writer
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