NRG Energy has signed a deal to acquire Stream Energy's retail book, which is made up of customers in nine states and the District of Colombia.

NRG is paying $300 million plus working capital for the business in an all-cash transaction, implying an enterprise value of 4.6 times adjusted Ebitda.

No financial advisers were used on the deal, which is the result of bilateral negotiations. Haynes and Boone provided legal counsel to Stream Energy while Baker Botts counselled NRG.

Stream’s retail energy business provides electricity and natural gas in Texas, Georgia, Pennsylvania, Maryland, New Jersey, New York, Illinois, Delaware, Ohio and Washington, D.C.

When the transaction has closed, Stream will remain a separate company and will be the exclusive marketer to the retail energy business acquired by NRG.

The deal is subject to U.S. Federal Energy Regulatory Commission and Georgia Public Service Commission approvals, antitrust review under the Hart-Scott-Rodino Act and other closing conditions. It is expected to close later this year.

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