Talen Energy (NASDAQ: TLN) completed the acquisition of the Lawrenceburg Power Plant in Indiana and the Waterford Energy Center and Darby Generating Station in Ohio from Energy Capital Partners.
The deal expands the company's presence in the western PJM market, the company said in a statement on June 15.
As part of the deal, ECP received 2.4 million shares of Talen common stock and about $2.55 billion in cash. The acquisition follows the completion of closing conditions and receipt of all required regulatory approvals from the FERC, the Indiana Utility Regulatory Commission, the Federal Trade Commission and the U.S. Department of Justice, and other regulatory agencies.
RBC Capital Markets is exclusive M&A advisor to Talen. Kirkland & Ellis LLP and White & Case LLP are legal counsel to Talen.
Jefferies LLC and PEI Global Partners are financial advisors to ECP. Milbank Tweed LLP is legal counsel to ECP.