Texas regulators OK NRG Energy's takeover of GenOn
HOUSTON -- The Public Utility Commission of Texas has approved NRG Energy Inc.'s proposed all-stock acquisition of GenOn Energy Inc., the companies said Friday.
NRG is the parent of Houston-based Reliant Energy.
The deal must still receive the approval of state regulators in New York, the Federal Energy Regulatory Commission and the two companies' shareholders before it can go forward.
The companies have scheduled a combined shareholders' meeting for Nov. 9.
The transaction, which was first announced in July, is expected to close in the first quarter of next year.
Shares of Princeton, N.J.-based NRG ended regular trading down 31 cents at $21.94. Houston-based GenOn ended regular trading down 5 cents to $2.60.