{"schema_version":"secwatch.filing_event.v1","accession":"0001622536-26-000004","form_type":"8-K","ticker":"TLN","cik":"0001622536","company_name":"Talen Energy Corp","filed_at":"2026-01-15T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.666263+00:00","generated_at":"2026-05-16T10:08:55.472835+00:00","sec_items":["1.01","3.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Talen Energy to acquire 2.6 GW PJM gas assets from ECP for $3.45B","bullets":["Purchase price $3.45B: $2.55B cash + 2.4M shares ($900M stock); ~6.6x 2027E EBITDA.","Assets: Waterford (869 MW CCGT), Lawrenceburg (1,218 MW CCGT) in OH, Darby (480 MW peaker) in IN.","Expected close early H2 2026 subject to HSR, FERC, and Indiana Utility Regulatory Commission approvals.","Transaction expected to be immediately accretive to adjusted FCF per share >15% annually through 2030E.","ECP receives ~5% pro forma equity stake; net leverage target ≤3.5x by year-end 2026."],"urls":{"canonical":"https://secwatch.observer/filing/0001622536-26-000004","json":"https://secwatch.observer/filing/0001622536-26-000004.json","markdown":"https://secwatch.observer/filing/0001622536-26-000004.md","text":"https://secwatch.observer/filing/0001622536-26-000004.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1622536/000162253626000004/0001622536-26-000004-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1622536/000162253626000004/tln-20260115.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T10:08:55.472835+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"6b1e54c02ef3e14605d2039ba3e162200c9aba7d","claim":"Talen Energy Corp entered into Agreement and Plan of Merger with Cornerstone Generation Holdings, LP, ECP Cornerstone Generation Holdings GP, LLC, ECP V-B (AG IP) Blocker Corp, ECP V-C (AG IP) Blocker Corp, ECP V-D (AG IP) Blocker Corp, ECP V-D, LP, and ECP GP V, LP valued at $3.45 billion (effective 2026-01-15).","evidence_excerpt":"On January 15, 2026, Talen Energy Corporation, a Delaware corporation (the “Company”), Buckeye CG Holdings, LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of the Company (“Buyer”), and certain other indirect wholly owned subsidiaries of the Company, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Cornerstone Generation Holdings, LP, a Delaware limited partnership, ECP Cornerstone Generation Holdings GP, LLC, a Delaware limited liability company, ECP V-B (AG IP) Blocker Corp, a Delaware corporation, ECP V-C (AG IP) Blocker Corp, a Delaware corporation, ECP V-D (AG IP) Blocker Corp, a Delaware corporation (collectively, the “Acquired Companies”), ECP V-D, LP, a Delaware limited partnership, as the representative of the Acquired Company Equityholders (as defined in the Merger Agreement) (the “Holder Representative”), and solely for the limited purposes set forth therein, ECP GP V, LP, a Delaware limited partnership.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1622536/000162253626000004/0001622536-26-000004-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"merger"},{"label":"Counterparty","value":"Cornerstone Generation Holdings, LP, ECP Cornerstone Generation Holdings GP, LLC, ECP V-B (AG IP) Blocker Corp, ECP V-C (AG IP) Blocker Corp, ECP V-D (AG IP) Blocker Corp, ECP V-D, LP, and ECP GP V, LP"},{"label":"Value","value":"$3.45 billion"},{"label":"Effective","value":"2026-01-15"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}