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June 10, 2014
05:29 EDTPPLPPL Corp., Riverstone to combine merchant power generation businesses
PPL Corporation and Riverstone Holdings announced a definitive agreement to combine their merchant power generation businesses into a new stand-alone, publicly traded Independent Power Producer, or IPP. The new company, which will own and operate a diverse mix of 15,320 megawatts of generating capacity in key U.S. competitive energy markets, will be called Talen Energy Corporation. Under the terms of the agreement, at closing, PPL Corporation will spin off PPL Energy Supply, the parent company of PPL Generation, and PPL EnergyPlus, to shareowners of PPL and then immediately combine that business with Riverstone's generation business to form Talen Energy Corporation, an independent publicly traded company expected to be listed on the NYSE. Upon closing, PPL Corporation's shareowners will own 65% of Talen Energy and Riverstone will own 35%. PPL Corporation will have no continuing ownership interest in Talen Energy. PPL Corporation's shareowners will receive a pro-rata distribution of Talen Energy shares at closing based on the number of PPL Corporation shares owned as of the spinoff record date. The spinoff will have no effect on their ownership of PPL Corporation common stock and there will be no change in the number of shares of PPL Corporation common stock outstanding. The transaction is designed to be tax-free to PPL Corporation and its shareowners.
News For PPL From The Last 14 Days
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May 21, 2015
17:20 EDTPPLTalon Energy Corp. to replace Windstream in S&P 400 as of 6/1 close
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May 20, 2015
11:13 EDTPPLPPL Corp. Chairman says company poised for growth following spinoff
PPL Corporation Chairman William Spence said the company is well-positioned for continued growth and success following the planned June 1 spinoff of its competitive supply business. PPL expects to achieve compound annual earnings growth of 4%-6% percent through at least 2017. The company is set to complete the spinoff of its PPL Energy Supply business on June 1. That business will combine immediately upon spinoff with the competitive generation business of Riverstone Holdings LLC to form a new independent power producer named Talen Energy Corporation.

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