Talen Energy to acquire Moxie Freedom and Guernsey CCGT plants for $3.8B gross, accretive to FCF per share >40%

Talen Energy Corp

Net purchase price $3.5B after tax benefits (6.7x 2026 EV/EBITDA); adds 2,980 MW of H-class CCGT capacity in PJM.
Transaction expected to close Q4 2025, subject to HSR and FERC approvals.
Funding via $3.8B in new debt ($1.2B secured bridge, $2.57B unsecured bridge) from Citi and RBC.
Immediately accretive: >40% FCF/share accretion in 2026, >50% through 2029.
Maintains leverage target ≤3.5x by year-end 2026; plans ~$500M annual share repurchases during deleveraging.

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