NRG Energy, Inc. (NRG) said it has completed its $287.5 million acquisition of Reliant Energy's retail business.
Excluding transaction and other one-time costs, NRG expects the transaction to be immediately accretive to EBITDA and free cash flow, and fully accretive in 2010. NRG will pay $287.5 million in cash and will remit net working capital to Reliant's parent company, RRI Energy, over the next six months.
Reliant now will operate as part of NRG Texas, which is run by Kevin Howell, Executive Vice President of NRG and President of NRG Texas.
Also, Jason Few, previously Reliant's Senior Vice President, Mass Markets & Operations, has been named President, Reliant Energy and Senior Vice President, Retail for NRG, reporting to Howell.
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