The firm is representing Texas Genco LLC in connection with the sale of all of its outstanding equity interests to NRG Energy, Inc. (NYSE: NRG) for approximately $5.825 billion, including $4.025 billion in cash and $1.8 billion in common stock and preferred stock. Together with Texas Genco's approximately $2.5 billion in net debt, the transaction has a total value of approximately $8.325 billion.
Texas Genco LLC is principally owned in equal parts by affiliates of The Blackstone Group, Hellman & Friedman LLC, Kohlberg Kravis Roberts & Co. L.P. and Texas Pacific Group, and was formed to acquire Texas Genco Holdings, Inc. and its assets from CenterPoint Energy in a multiple-step transaction closed in December 2004 and April 2005.
The firm was also working on a possible initial public offering of Texas Genco, which has now been superseded by the sale transaction.
The Simpson Thacher attorneys working on the transaction include: M&A - David Sorkin, Andrew Smith, Ken Young and Paul Riskind; IPO - Ed Tolley, Josh Bonnie, Lesley Peng, Lisa Timmes and Matt Meyer; Credit - James Cross, Brian Steinhardt and Vanessa Bressler; Tax - Steve Todrys and Nancy Mehlman; Regulatory - Brian Chisling; Employee Compensation & Benefits - Alvin Brown, Jeanne Annarumma and Michael Richman; Litigation - Elisa Alcabes; Intellectual Property - Amy Semet; Real Property - Mardi Merjian; Environmental - Adeeb Fadil; Labor - Jacqueline Rosenblum; and Paralegals - Elizabeth Aleshire and Regina Liang.