NRG buys Edison Mission Energy for $2.635B, shares surge

|About: Edison International (EIX)|By:, SA News Editor

NRG Energy (NRG +7.3%) agrees to acquire bankrupt Edison Mission Energy from Edison International (EIX) for $2.635B.

NRG says the deal increases its generation portfolio by nearly 8K MW, providing additional fuel diversity, geographic diversity and opportunities to achieve economies of scale, and significantly expands the pipeline of assets available to drive growth at NRG Yield (NYLD) through future drop-downs with 1,600 MW of long-term, fully-contracted wind and natural gas assets.

To fund the deal, NRG files to sell 12.67M common shares.