Vistra Energy Corp. registered up to $1.79 billion of its 104,539,852 common shares in connection with its pending merger deal with Dynegy Inc., according to a Form S-4 filed Dec. 13.
The number of shares being registered is based on 144,276,314 shares of Dynegy's issued and outstanding common stock as of Dec. 6; 4,206,874 options to purchase Dynegy common stock with a weighted average exercise price of $14.95 apiece; 1,273,508 stock-settled restricted stock units and 1,615,392 performance stock units with respect to Dynegy's common stock; 8,965,108 warrants to purchase Dynegy's common shares; and the exchange ratio of 0.652 sharesof Vistra Energy common stock per share of Dynegy common stock.
The shares will be issued upon completion of the all-stock merger deal between the companies. The merger will create a single integrated power company that will own a combined 40 GW of generation capacity. The enterprise will be worth more than $20 billion.
The transaction is expected to close in the second quarter of 2018, subject to regulatory and shareholder approvals.
The combined company resulting from the merger will retain the Vistra Energy Corp. name and will continue to trade on the New York Stock Exchange under the symbol VST.