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PE-Backed Power Generation Merger

Astoria Generating Company Holdings LLC and EBG Holdings LLC have agreed to merge, in order to create a $5 billion power generation company serving the constrained energy markets in the New York and Boston metropolitan areas. The combined company will be named US Power Generating Company, with Astoria and EBG shareholders owning 46% and 54%, respectively. Astoria was acquired from Reliant Energy last year by Madison Dearborn Partners, the Ray Hunt family and company management. EBG shareholders include K Road Power Inc. and a variety of hedge funds.