NRG Energy to acquire LS Power generation assets for $12B enterprise value

NRG ENERGY, INC.

Purchase price: $6.4B cash + 24.25M shares (~$2.8B at 10-day VWAP) + assumption of ~$3.2B debt.
Acquired assets: Lightning Power, Linebacker Power, CCS Intermediate HoldCo, Jack County Power Development.
Closing targeted end of Q1 2026, subject to FERC, NYSPSC, and HSR approvals; no financing condition.
Termination fee of $400M payable by NRG if required regulatory approvals not obtained by May 12, 2026.
Sellers will enter a voting trust to hold less than 10% voting rights; lock-up on stock for six months post-close.

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