Riverstone $1.8 Billion Talen Takeover Gains a U.S. Approval

Buyout firm Riverstone Holdings won government approval for its $1.8 billion cash purchase of Talen Energy Corp., the U.S. independent power producer that went public in June 2015.

The deal is consistent with the public interest, the U.S. Federal Energy Regulatory Commission said Wednesday in a filing. Riverstone already owned about 35 percent of Talen and agreed to pay $14 a share for the rest.

Approval is still needed by the Nuclear Regulatory Commission before the transaction can close, George Lewis, a spokesman for Talen, said Wednesday by e-mail.

Riverstone is buying a company it helped create through the merger of some of its power plants with the generating unit of utility owner PPL Corp. Its creation came at a bad time for power producers as natural gas, a key power plant fuel, slid.

Talen rose 0.4 percent to $13.90 in New York. The shares have more than doubled this year.

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