Bracewell LLP Advised NRG In Obtaining Antitrust Approval For $12 Billion LS Power Acquisition
Bracewell LLP Advised NRG in Obtaining Antitrust Approval for $12 Billion LS Power Acquisition
Bracewell LLP advised NRG Energy, Inc. (NYSE: NRG) in obtaining antitrust clearance from the US Department of Justice for its previously announced acquisition from LS Power of 18 natural gas-fired electric generation facilities and a commercial and industrial virtual power plant platform (CPower) in a cash-and-stock transaction valued at approximately $12 billion.
The transaction was announced on May 12, 2025, and NRG received antitrust clearance on January 23, 2026, after a lengthy and intensive competition review from the DOJ. The parties closed the acquisition on January 30, 2026.
The acquisition adds 13 GW of quick-start, natural gas-fired generation across the Northeast and Texas and 6 GW of VPP capability, enhancing the scale, resilience and reliability of NRG’s portfolio and expanding the ways the company can serve customers as power demand continues to increase. The surge in electricity demand has attracted regulatory and political attention and is being driven by several trends, including the emergence of data centers to support AI, cryptocurrency mining, a push to bring manufacturing back to the United States, and the steady rise of electric vehicles.
Bracewell’s global power team is at the forefront of these issues and advised a large and diverse group of power sector clients on complex M&A and other commercial transactions, financings, antitrust and regulatory matters.
NRG Energy Inc. is a Fortune 500 company and a leading provider of electricity, natural gas, and smart home solutions to eight million customers across North America. NRG delivers innovative solutions that help people, organizations, and businesses achieve their goals while also advocating for competitive energy markets and customer choice.
LS Power is a premier development, investment and operating company focused on the North American power and energy infrastructure sector, with leading platforms across generation, transmission and energy transition solutions.
The Bracewell LLP team was led by Daniel E. Hemli (Partner), and Joshua C. Klein (Partner), Mark R. Wulfe (Senior Counsel), and Russell W. Gallaro (Senior Counsel), Jacqueline R. Java (Counsel), and Erick Sandlin (Counsel), Ben Meredith (Associate), Joshua T. Windsor (Associate), Haley Bernal (Associate), Julia Wyckoff Boyce (Associate), Madeline Fogel (Associate), and Alexandria Moriarty (Associate).
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