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