Baker Botts Leads NRG's $300M Deal With Stream Energy
By Bill Wichert (May 20, 2019, 5:25 PM EDT) -- NRG Energy Inc., led by Baker Botts LLP, has reached an all-cash deal to purchase energy reseller Stream Energy's retail electricity and natural gas business for $300 million, buffing up the power producer's market share in Texas, Pennsylvania and elsewhere, the company announced Monday.
The agreement would expand NRG's reach by hundreds of thousands of customers and come with an anticipated annual EBITDA contribution of $65 million, meaning the earnings before interest, taxes, depreciation and amortization, the company said.
"This transaction will strengthen NRG's position as a growing, customer-driven energy company. It represents another step in perfecting our integrated business model,"...
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