NRG Energy (NYSE: NRG) and GenOn Energy (NYSE: GEN) have both scheduled meetings Nov. 9 for their respective stockholders to vote on the proposed merger of the two independent generators.
NRG will hold its special meeting of stockholders in Princeton, N.J., while GenOn stockholders will vote in Houston.
The two companies announced the special meetings on Oct. 5. The merger is expected to close by the first quarter of 2013 and the companies have said the process is going well.
On Sept. 21 the two companies announced that they had received notice from the U.S. Department of Justice and the Federal Trade Commission granting early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 as amended. Early termination of the waiting period satisfies a condition to the closing of the merger.
The deal still requires approvals by the Federal Energy Regulatory Commission, the New York Public Service Commission and the Public Utility Commission of Texas, and the threshold determination by the Nuclear Regulatory Commission that its approval is not required.
The two companies announced the planned merger in July in a stock‐for‐stock tax‐free transaction.
NRG has said that the combined company will become the largest competitive power generator in the nation. The current NRG Energy had an estimated 25,000 MW of North American generating assets as of June 30, according to the NRG website. The combined company will have a diverse fleet of about 47,000 MW with asset concentrations in the East, Gulf Coast and West and a combined enterprise value of $18bn.
The combined company will be dual headquartered, with financial and commercial headquarters in Princeton and operational headquarters in Houston.
GenOn has said that its 700-MW generation addition at California’s Marsh Landing station should be complete in mid-2013. Likewise, NRG is developing 550-MW of new gas-fueled generation at the El Segundo facility in California, which is expected in operation in summer 2013.