Talen Energy Corp. (NYSE: TLN), which owns or controls 16,000 MW of capacity in eight states, on Dec. 6 reported the completion of its merger with an affiliate of Riverstone Holdings LLC, which was initially announced on June 3.
Talen Energy common stock ceased trading on the New York Stock Exchange before the commencement of trading on Dec. 6 and will be delisted from the NYSE. Under the merger agreement, which was adopted by Talen Energy stockholders at a special meeting on Oct. 6, Talen Energy 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 has been named President and Chief Executive Officer of Talen Energy, effective immediately. 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.”
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 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 Holdings 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 & production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London, Houston and Mexico City, the firm has committed over $33 billion to more than 120 investments in North America, Latin America, Europe, Africa and Asia.