NRG Mergers and Acquisitions Summary

UtilitiesCompany

NRG has acquired 20 companies, including 2 in the last 5 years. A total of 8 acquisitions came from private equity firms. It has also divested 7 assets.

NRG’s largest acquisition to date was in 2005, when it acquired Texas Genco Holdings for $5.8B. It’s largest disclosed sale occurred in 2019, when it sold NRG South Central Generating to Cleco for $1.0B. NRG has acquired in 6 different US states, and 2 countries. The Company’s most targeted sectors include utilities (44%) and energy services and equipment (19%).

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M&A Summary

  • M&A Total Activity23
    • M&A Buy Activity16
    • M&A Sell Activity7
  • Total Sectors Invested 7
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 21
  • M&A Advisors 8

NRG

NRG Energy, Inc.

910 Louisiana Street,
Houston, Texas 77002
United States,
(713) 537-3000
www.nrg.com

NRG is a wholesale power generation company. NRG engages in the ownership, development, construction, and operation of power generation facilities; the transacting in and trading of fuel and transportation services; and the trading of energy, capacity and related products in the US and select international markets. NRG was formed in 1989 and is based in Houston, Texas.


M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (0.4/yr) # 14 - 1 - 1 - 16
vol $11.3B $3.6B $2.8B $17.7B
Sell (0.6/yr) # 4 1 - - 1 1 7
vol $15M $1.0B $1.0B
  23

Most Recent M&A

Company Date Value Type
NRG Energy - Texas Nuclear Plant 2023-06-01 - Stake Sale
Houston, Texas
Vivint, Inc. 2022-12-06 2.8B USD Add-on Acquisition
Provo, Utah · www.vivint.com
NRG Energy - Behind the Meter Solutions 2022-05-20 - Divestiture
Houston, New Jersey
Direct Energy LP 2020-07-24 3.6B USD Divestiture
Houston, Texas · www.directenergy.com
NRG South Central Generating LLC 2019-01-16 1.0B USD Divestiture
Minneapolis, Minnesota
GenOn Energy, Inc. 2017-06-14 - Bankruptcy
Houston, Texas · www.genon.com
NRG Energy, Inc. - Engine Services Business Unit 2017-02-08 - Divestiture
Princeton, New Jersey
NRG Energy 108MW Storm Lake 1 Wind Farm 2014-12-18 15M USD Divestiture
, Iowa
Pure Energies, Inc. 2014-10-01 - Add-on Acquisition
Toronto, Ontario · www.pure-energies.com
Goal Zero Corp. 2014-08-14 - Add-on Acquisition
Bluffdale, Utah · www.goalzero.com
View All >>

Business Unit M&A

Company Acquired Add-On/Sale Date #
Direct Energy LP 2020-07-24 Home Warranty of America, Inc. 2022-02-07 1
Houston, Texas · www.directenergy.com Bedminster, New Jersey · www.hwahomewarranty.com

M&A by Sector

Sector Buy # Value Sell # Value
Utilities 7 (44%) 10.0B (57%) 3 (43%) 1.0B (99%)
Energy Services and Equipment 3 (19%) 4.5B (26%) 3 (43%) -
Renewable Energy 2 (13%) 350M (2%) 1 (14%) 15M (1%)
Business Services 1 (6%) - - -
Construction 1 (6%) - - -
Electronics 1 (6%) - - -
Safety/Security 1 (6%) 2.8B (16%) - -
Total 16 $17.7B 7 $1.0B

By Geo

State/Country Buy Value Sell Value
United States 15 17.7B 7 1.0B
  Texas 7 12.0B 2 -
  New Jersey 1 - 2 -
  Utah 2 2.8B - -
  New York 2 85M - -
  California 2 2.6B - -
  Pennsylvania 1 190M - -
  Minnesota - - 1 1.0B
  Iowa - - 1 15M
Canada 1 - - -
  Ontario 1 - - -
Domestic 15 (94%) 17.7B (100%) 7 (100%) 1.0B (100%)
Cross-border 1 (6%) - - -
Total 16 $17.7B 7 $1.0B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
2
Morgan Stanley
1
Goldman Sachs
1
Legal Deals
White & Case
1
Latham & Watkins
1
Baker Botts LLP
1

Deal Values

buy # Total
> $1B 5 $16.6B
$100M to $1B 4 $1.1B
< $100M 1 $85M
TOTAL $17.7B
Largest Texas Genco Holdings, Inc.
$5.8B (2005-10-03)
sell # Total
> $1B 1 $1.0B
< $100M 1 $15M
TOTAL $1.0B
Largest NRG South Central Generating LLC
$1.0B (2019-01-16)

M&A Connections

Deals
Acquired from
Investor(s)
25%
4 (25%)
Strategic(s)
31%
5 (31%)
Divested to
Strategic(s)
86%
6 (86%)

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