NRG - M&A Summary and Business Overview

UtilitiesCompany

NRG M&A Summary

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 8 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%).

NRG Business Overview

Where is NRG headquartered?

NRG is headquartered in Houston, Texas.

What is NRG’s revenue?

NRG disclosed revenue of 28,823M USD for 2023 and 31,543M USD for 2022.

How many employees does NRG have?

NRG has 18,131 employees.

What sector is NRG in?

NRG is an utilities company.

When was NRG founded?

NRG was founded in 1989.

M&A Summary

  • M&A Total Activity24
    • M&A Buy Activity16
    • M&A Sell Activity8
  • Total Sectors Invested 7
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 22
  • 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 ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 14 1 - 1 - - 16
vol $11.3B $3.6B $2.8B $17.7B
Sell (0.6/yr) # 5 - - 1 1 1 8
vol $1.0B $1.0B
  24

Most Recent M&A

Company Date Value Type
Airtron Heating & Air Conditioning, Inc. 2024-08-08 - Divestiture
Columbus, Ohio · www.airtron.com
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
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 (38%) 1.0B (99%)
Energy Services and Equipment 3 (19%) 4.5B (26%) 3 (38%) -
Renewable Energy 2 (13%) 350M (2%) 1 (13%) 15M (1%)
Business Services 1 (6%) - 1 (13%) -
Construction 1 (6%) - - -
Electronics 1 (6%) - - -
Safety/Security 1 (6%) 2.8B (16%) - -
Total 16 $17.7B 8 $1.0B

By Geo

State/Country Buy Value Sell Value
United States 15 17.7B 8 1.0B
  Texas 7 12.0B 2 -
  New Jersey 1 - 2 -
  California 2 2.6B - -
  Utah 2 2.8B - -
  New York 2 85M - -
  Pennsylvania 1 190M - -
  Iowa - - 1 15M
  Ohio - - 1 -
  Minnesota - - 1 1.0B
Canada 1 - - -
  Ontario 1 - - -
Domestic 15 (94%) 17.7B (100%) 8 (100%) 1.0B (100%)
Cross-border 1 (6%) - - -
Total 16 $17.7B 8 $1.0B

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
2
Citigroup Investment Banking
1
Morgan Stanley
1
Legal Deals
White & Case
1
Latham & Watkins
1
Baker Botts
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
Investor(s)
13%
1 (13%)
Strategic(s)
75%
6 (75%)

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