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Dynegy falls to Blackstone and NRG
16 August 2010
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[Dynegy]
[Blackstone]
[NRG Energy]
[Kelson]
Independent power producer Dynegy has agreed to be bought by private equity firm Blackstone for $542 million, or $4.50 per share. The acquisition also includes roughly $4.2 billion in debt, and gives Dynegy an implied enterprise value per kW of $385. Blackstone has already agreed to sell five of Dynegy's plants with a capacity of 3,884MW to NRG Energy for $1.36 billion, or $351 per kW.
The acquisition marks an end to Dynegy's long and strenuous efforts to remain a listed independent power producer. Over the last ten years, Dynegy, once a Chevron-controlled power developer, has come within an inch of buying Enron, has merged with...
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