NRG Energy in Back-To-Back Transaction Related to Acquisition of Dynegy
August 12, 2010
Cleary Gottlieb is representing Citigroup Global Markets as financial advisor to NRG Energy in connection with its back-to-back transaction that is related to the acquisition of Dynegy by an affiliate of The Blackstone Group for approximately $4.7 billion. The Blackstone affiliate and NRG Energy have entered into a separate cross-conditioned agreement through which NRG Energy will acquire four natural gas-fired power generation facilities currently owned by Dynegy – the Casco Bay facility in Maine and the Moss Landing, Morro Bay and Oakland facilities in California – for cash consideration of approximately $1.36 billion. Each of the transactions between Dynegy and Blackstone and between Blackstone and NRG Energy is contingent upon, among other things, the concurrent closing of the other transaction. The deals were announced on August 12 and are expected to close by year end.