The Blackstone Group’s $4.7 billion buy of Dynegy has received approval from the U.S. Department of Justice and the Federal Trade Commission. The regulators also allowed a Blackstone affiliate to sell four of Dynegy’s natural gas-fired assets to NRG Energy. The sale of Dynegy to Blackstone is still subject to customary closing conditions, including the approval of Dynegy shareholders.
Dynegy Inc. (NYSE: DYN) today announced that the U.S. Department of Justice and the Federal Trade Commission have granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act related to the acquisition of Dynegy by an affiliate of The Blackstone Group L.P. (NYSE: BX) and the concurrent sale of four of Dynegy’s natural gas-fired assets by an affiliate of Blackstone to NRG Energy, Inc. (NYSE: NRG).
Dynegy received notice of the termination of the Hart-Scott-Rodino waiting period for the transaction between Blackstone and Dynegy and for the transaction between Blackstone and NRG on September 7, 2010, and on September 8, 2010, respectively. Completion of the transaction between Dynegy and a Blackstone affiliate is subject to customary closing conditions, including approval by Dynegy stockholders and the receipt of additional regulatory approvals. The consummation of the transaction between Dynegy and a Blackstone affiliate is also contingent upon the concurrent closing of the transaction between a Blackstone affiliate and NRG Energy.
About Dynegy Inc.
Through its subsidiaries, Dynegy Inc. produces and sells electric energy, capacity and ancillary services in key U.S. markets. The power generation portfolio consists of approximately 12,200 megawatts of baseload, intermediate and peaking power plants fueled by a mix of natural gas, coal and fuel oil. For more information, please visit www.dynegy.com.
About The Blackstone Group L.P.
Blackstone is one of the world’s leading investment and advisory firms. Its alternative asset management businesses include the management of private equity funds, real estate funds, hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. Further information is available at www.blackstone.com.