A Haynes and Boone, LLP team led by Partner Bill Kleinman represented Stream Energy in the sale of its retail electricity and natural gas business to NRG Energy Inc. for $300 million plus working capital in an all-cash transaction.
Announced May 20, the transaction is expected to close in the third quarter of 2019 and is subject to customary closing conditions.
The business acquired from Stream will enable NRG to strengthen its position as an energy retail provider and will allow it to increase market share in Texas, Pennsylvania, and a number of other markets in the Eastern U.S.
Based in Dallas, Stream Energy is one of the largest direct selling companies in the energy market and one of the nation’s fastest growing retailers, serving more than 600,000 residential customer equivalents in nine states and the District of Columbia.
NRG, which has headquarters in Princeton, New Jersey and Houston, serves more than 3 million residential and commercial customers through its portfolio of retail electricity brands.
Haynes and Boone’s M&A Practice Group has comprehensive experience handling middle-market deals, having helped clients close more than 500 transactions in the last five years, with an aggregate value exceeding $40 billion. The firm routinely represents private equity firms, closely held corporations, founders, large financial institutions and Fortune 500 public companies. The M&A team crafts strategic solutions that advance clients’ business objectives by anticipating and evaluating the roadblocks and opportunities that clients face on the way to closing a deal successfully.
Haynes and Boone is an international corporate law firm with offices in Texas, New York, California, Charlotte, Chicago, Denver, Washington, D.C., London, Mexico City and Shanghai, providing a full spectrum of legal services in energy, technology, financial services and private equity. With more than 550 lawyers, Haynes and Boone is ranked among the largest U.S.-based firms by The National Law Journal, The American Lawyer and The Lawyer.
The following publications reported Haynes and Boone's involvement in the deal:
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