Report: Vistra Energy makes bid to acquire Dynegy in Texas power move
A coal-ash pond at Dynegy's Vermilion Power Station near Oakwood, Ill.
A Dallas-based company that emerged from the bankruptcy of Energy Future Holdings is reportedly pursuing an acquisition of Houston-based power generator Dynegy.
Vistra Energy is making a bid to acquire Dynegy, according to a report by The Wall Street Journal. Dynegy shares soared 23% in afternoon trading to $8.94.
The tie-up of two Texas energy companies would extend Vistra's reach into other regions, including the Midwest. Dynegy's power plants generate enough electricity to power about 25 million homes.
The deal would also provide clarity on Vistra's path for growth following its emergence from the Chapter 11 bankruptcy of Energy Future, one of the largest corporate restructurings in U.S. history.
Vistra's units include TXU Energy, which provides electricity to retail customers, and power generator Luminant. The company was renamed from TCEH Corp. in November.
Vistra and Dynegy are similarly sized. Vistra had $1.36 billion in first-quarter revenue, while Dynegy had $1.25 billion.
Vistra spokesman Allan Koenig declined to comment. A Dynegy spokesman had no immediate comment.
Shares of Vistra stock rose 1.4% to $15 in morning trading.
Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.
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