June 10 PPL Corp and Riverstone Holdings
LLC on Monday said they would combine their merchant power
generation businesses into a new stand-alone, publicly traded
independent power producer.
The new company, which will own and operate a diverse mix of
15,320 megawatts of generating capacity in key U.S. energy
markets, will be called Talen Energy Corp and will be listed on
the New York Stock Exchange, the companies said in a statement.
PPL shareholders will receive a pro-rata distribution of
Talen Energy shares based on the number of PPL shares owned.
Upon closing, PPL's shareowners will own 65 percent of Talen
Energy and Riverstone will own 35 percent. PPL will have no
continuing ownership interest in Talen Energy.
Financial terms of the deal were not disclosed.
The spinoff will have no effect on the ownership of PPL
Corp's common stock and there will be no change in the number of
shares outstanding, the company said.
Paul Farr, PPL's chief financial officer, will be Talen
Energy's Chief Executive, and Jeremy McGuire, PPL's vice
president of strategic development, will become the CFO.
(Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar