Shearman & Sterling is advising PJT Partners as financial adviser to Dynegy in connection with its proposed merger with Vistra Energy. The combined company, proposed to be named Vistra Energy, will be headquartered in Texas and is expected to be the lowest-cost integrated power company in the industry.
The two New York Stock Exchange-listed companies entered into an agreement and plan of merger on October 29, 2017. The transaction will result in Vistra and Dynegy stockholders owning approximately 79% and 21%, respectively, of the combined company. The combined company is projected to have a combined market capitalization of $10 billion and a combined enterprise value greater than $20 billion.