Talen Energy Corp., a competitive energy and power generation company that owns or controls 16,000 MW of capacity in eight states, today reported the completion of its merger with an affiliate of Riverstone Holdings LLC, which was initially announced on June 3, 2016.
Talen Energy common stock ceased trading on the New York Stock Exchange before the commencement of trading on December 6, 2016 and will be delisted from the NYSE.
Under the terms of the merger agreement, which was adopted by Talen Energy Corp. stockholders at a special meeting on October 6, 2016, Talen Energy Corp. stockholders will receive $14 in cash for each share of common stock they owned immediately prior to the effective time of the merger.
Ralph Alexander is president and CEO of Talen Energy, effective immediately. When asked about his appointment, Alexander said, "I look forward to leading our team of experienced professionals and continuing our legacy of efficiently generating safe, reliable energy for our customers."
Stockholders of record and stockholders who hold shares through a bank or broker generally will not need to take any action for their shares to be converted into cash because the conversion will be handled automatically by Talen Energy Corp.'s transfer agent or their bank or broker, respectively. In certain limited instances, Talen Energy Corp.'s transfer agent or the requisite bank or broker, as applicable, will notify stockholders if additional information is required before they may receive the merger consideration.
Citibank served as financial advisor to Talen Energy in the transaction, and Kirkland & Ellis LLP served as Talen Energy's legal advisor. Goldman, Sachs & Co. and RBC Capital Markets served as financial advisors to Riverstone. Wachtell, Lipton, Rosen & Katz and Vinson & Elkins LLP served as Riverstone's legal advisors for the transaction.
Talen Energy is one of the largest competitive energy and power generation companies in North America. The company owns or controls 16,000 MW of generating capacity in well-developed, structured wholesale power markets, principally in the Northeast, Mid-Atlantic and Southwest regions of the United States.