A few Sunday's ago, I awoke to see the following press release:
ATLANTA, GA and HOUSTON, TX – April 11, 2010 – Mirant Corporation (NYSE: MIR) and RRI Energy, Inc. (NYSE: RRI) announced today that they have entered into a definitive agreement to create GenOn Energy, which will be one of the largest independent power producers in the United States, with approximately 24,700 megawatts (MW) of electric generating capacity and a pro forma market capitalization of $3.1 billion. The transaction is structured as an all-stock, tax-free merger.
I knew that RRI had not been doing well financially, and that some kind of transaction was likely in their future but was surprised to hear the news nonetheless. As I feel fairly confident that my job will not be effected as the two companies have decided to keep GenOn's headquarters in Houston, I know there will be alot of changes and many people's jobs will be in jeapordy. The company has not given us too much information yet as they are still working out the details of how they will integrate the companies, but they have said that each individual should know about their job within 60 days of the announcement. Most likely this will mean more work for our reporting group with extra filings and figuring out how to bring the two companies together once the transaction is complete. I am looking forward to the learning opportunity and seeing what lies ahead for the new company. In the meantime, they have instructed us to continue "business as usual."
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