Two of Texas' largest independent power producers said Monday they would merge in an all-stock deal to create a combined entity with an enterprise value of about $20 billion. Irving-based Vistra Energy, the parent company for TXU Energy and Luminant, said the merger with Houston-based Dynegy Inc. will create a power producer "projected to have lowest cost structure in industry."

The combined entity, with a market capitalization in excess of $10 billion, would serve about 2.9 million retail customers - about 2.7 homes and some 240,000 businesses.

According to the terms of the deal, Vistra shareholders would own nearly 79 percent of Dynegy and the Houston company's shareholders would own about 21 percent of Vistra.

The combined company, to be headquartered in Irving, will be led by Vistra CEO Curt Morgan. The board of directors is expected to have 11 directors - eight current members of the Vistra board and three members from Dynegy's board.

Bob Flexon will continue to serve as Dynegy CEO through April 30, 2019 or the date the transaction closes, whichever comes first.

Presented by Dallas Morning News, October 30, 2017

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