Talen Energy Stockholders Approve Takeover By Riverstone
Zacks Investment Research | Oct 09, 2016 09:45PM ET
Shareholders of energy and power generation company Talen Energy Corporation (NYSE:TLN) have recently approved the proposed acquisition of the company by Riverstone Holdings LLC, a private investment firm.
Under the deal, Riverstone will purchase Talen’s stock for $14 a share (56% premium to the closing price of $9.00 per share on Mar 31, 2016). The transaction has a total enterprise value of approximately $5.2 billion and Riverstone will own 35% the shares of the company.
Pending Approvals
The merger is yet to be approved by a number of regulatory commissions. These regulatory bodies includethe Federal Energy Regulatory Commission and the Nuclear Regulatory Commission, though the companies have been granted the termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
On Sep 19, the New York Public Service Commission approved the transaction as it pertains to Talen Energy’s operation of Athens power plant. Subject to regulatory approvals and customary conditions, the transaction is slated to close by the end of 2016.
TALEN ENERGY CP Price
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