July 24, 2020
Torys is representing NRG as Canadian counsel with a team that includes Janan Paskaran, Ian Gordon, Collin Intrater, Carleigh Kennedy and Tanis Makowsky (corporate/M&A), Lou Cusano, Jonathan Meyers, Tim Pavlov and Taylor Campbell (regulatory), Omar Wakil and Ian Li (competition), Tom Stevenson and Patrick Denroche (pensions and employment).
On July 24, 2020, NRG Energy Inc. (“NRG”) announced it entered into a definitive agreement with Centrica PLC under which NRG will acquire Direct Energy, a North American subsidiary of Centrica PLC for US$3.625 billion in an all-cash transaction.
Targeted to close by year end 2020, the transaction is subject to customary closing conditions, consents and regulatory approvals, including approval by shareholders of Centrica PLC and the Federal Energy Regulatory Commission (FERC). The companies will also submit as pre-merger notification to the U.S. Department of Justice and the Federal Trade Commission under the Hart-Scott-Rodino Act, and the Commissioner of Competition under the Canadian Competition Act.
Further information can be found on Business Wire’s website.
Direct Energy is one of North America's largest retail providers of electricity, natural gas, and home and business energy-related services with nearly four million customers.
NRG is a Fortune 500 company operating in the United States and Canada. It generates electricity and provides energy solutions and natural gas to more than 3.7 million residential, small business, and commercial and industrial customers through a diverse portfolio of retail brands.
Centrica is an international energy services and solutions company.