Talen Energy Corporation (OTCQX: TLNE) announced today that the Company has executed an agreement to complete the repurchase of approximately 2.4 million shares of its outstanding common stock from affiliates of Rubric Capital Management LP at a purchase price of $116.00 per share, for an aggregate purchase price of approximately $280 million. The transaction is expected to close in the next several days. This repurchase is part of the Company’s previously announced $1 billion share repurchase program, which had approximately $388 million of remaining capacity after the conclusion of the Company’s $612 million equity tender offer.
“We are pleased to continue our ongoing shareholder returns with this repurchase,” said Mac McFarland, President and Chief Executive Officer. “Rubric remains a substantial stakeholder in our business, and we look forward to continuing to deliver value to Rubric and all of our stockholders.”
About Talen
Talen owns and operates approximately 10.7 gigawatts of power infrastructure in the United States. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, including PJM and WECC, with our generation fleet principally located in the Mid-Atlantic and Montana. Talen is headquartered in Houston, Texas. For more information visit https://www.talenenergy.com/.