Los Angeles Business Journal

Edison Mission Energy Sold

By Deborah Crowe Monday, October 21, 2013

Edison International’s bankrupt Edison Mission Energy has been acquired by New Jersey electric utility NRG Energy Inc. in a stock-and-cash deal valued at $2.6 billion.

The agreement, announced over the weekend, includes the acquisition of Santa Ana-based Edison Mission's equity interests in four coal plants in Illinois, 10 natural gas-fired power plants in California and about 30 wind farms around the country.

The operating unit of Rosemead-based Edison filed for Chapter 11 protection in December, with plans to transfer control of the company to holders of $3.7 billion in unsecured bonds.

NRG and Edison Mission said Energy Mission's major stakeholders have agreed to support the sale. The deal must still be approved by a Chicago bankruptcy judge.

Princeton-based NRG Energy operates 89 fossil-fuel plants, four utility scale solar facilities, four wind farms and a variety of distributed solar facilities.

Edison International shares closed down 7 cents, a tenth of 1 percent, to $48.31 on the New York Stock Exchange.