Edison Mission Energy SoldMonday, October 21, 2013
Edison International’s bankrupt Edison Mission Energy has been acquired by New Jersey electric utility NRG Energy Inc. in a stock-and-cash deal valued at $2.6 billion.
The agreement, announced over the weekend, includes the acquisition of Santa Ana-based Edison Mission's equity interests in four coal plants in Illinois, 10 natural gas-fired power plants in California and about 30 wind farms around the country.
The operating unit of Rosemead-based Edison filed for Chapter 11 protection in December, with plans to transfer control of the company to holders of $3.7 billion in unsecured bonds.
NRG and Edison Mission said Energy Mission's major stakeholders have agreed to support the sale. The deal must still be approved by a Chicago bankruptcy judge.
Princeton-based NRG Energy operates 89 fossil-fuel plants, four utility scale solar facilities, four wind farms and a variety of distributed solar facilities.
Edison International shares closed down 7 cents, a tenth of 1 percent, to $48.31 on the New York Stock Exchange.