Talen Energy (NYSE: TLN) announced Oct. 6 the results of a special meeting of stockholders held to, among other things, approve a proposed merger of the company with and into an affiliate of Riverstone Holdings LLC, a private investment firm, for cash consideration of $14 per share of Talen Energy common stock.
Stockholders approved all proposals put forward at the meeting. The required vote of a majority of Talen Energy stockholders not affiliated with Riverstone was obtained, satisfying a condition under the merger agreement.
The signing of the merger agreement was announced on June 3. The parties have been granted early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and received an order from the New York State Public Service Commission on Sept. 19 approving the transaction as it applies to Talen Energy’s ownership and operation of the Athens power plant.
Applications to approve the transaction remain pending before the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission.
The transaction remains on schedule to close by the end of 2016, subject to receipt of required regulatory approvals and satisfaction of other customary closing conditions.
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.
Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with approximately $34 billion of equity capital raised. Riverstone conducts buyout and growth capital investments in the exploration and production, midstream, oilfield services, power and renewable sectors of the energy industry.