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Slide #25. NRG Energy — Edison Mission Energy
Acquirer:
NRG Energy (NYSE:NRG)
Acquiree:
Edison Mission Energy
Details:
NRG Energy, Inc. (NYSE:NRG) has entered into a plan sponsor agreement with Edison Mission Energy (EME), certain of EME's subsidiaries, the unsecured creditors committee, certain of EME's unsecured noteholders, and the parties to the Powerton and Joliet sale leaseback transaction to acquire substantially all of the assets of EME, including its equity interests in certain of its subsidiaries, for an aggregate purchase price of $2,635 million (or $1,572 million net of $1,063 million retained cash within EME). The aggregate purchase price, which is subject to certain post-closing adjustments, will consist of approximately 12.7 million shares of NRG common stock (valued at $350 million based upon the volume-weighted average trading price of the 20 trading days prior to October 18, 2013) with the balance to be paid in cash on hand. In connection with the transaction, NRG will also assume non-recourse debt of approximately $1,545 million, of which $273 million is associated with assets designated as Non-Core Assets pursuant to the asset purchase agreement.
NRG Energy is a consumer services company. Co. is engaged in producing and selling energy and related products and services. Co. sells power, natural gas, and home and power services, and develops sustainable solutions, under the brand names NRG, Reliant, Direct Energy, Green Mountain Energy, Stream and XOOM Energy. Co.'s segments are: Texas, which includes all activity related to customer, plant and market operations in Texas, other than Cottonwood Generating Station; East, which includes all activity related to customer, plant and market operations in the East; and West/Services/Other, which includes all activity related to customer, plant and market operations in the West and Canada.
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Buy (3.11 out of 4) 35th percentile
(ranked lower than approx. 65% of all stocks covered)
Analysts' Target Price: NRG Stock Forecast Based on Zacks ABR data; powered by Xignite |