White & Case advises NRG Energy, Inc. on US$2.3452 billion secondary common stock offering

Global law firm White & Case LLP has advised NRG Energy, Inc. (NRG), a leading energy and smart home company, on the underwritten public offering of 14.3 million shares of its common stock held by certain affiliates of LS Power at a price of US$164 per share, for total gross proceeds to LS Power of approximately US$2.3452 billion.

These shares were part of the consideration LS Power received from NRG in connection with the recently closed acquisition of the LS Power portfolio entities on January 30, 2026, on which White & Case previously advised. LS Power has also granted the underwriters a 30-day option to purchase up to an additional 1.845 million shares of common stock.

In addition, NRG entered into a stock purchase agreement with LS Power to repurchase US$300 million of its common stock in a private transaction at the price per share equal to the public offering price.

The White & Case team was led by Capital Markets partners Jessica Chen, Daniel Nam and David Johansen, and included counsel Melinda Anderson and associates Ashley Chana and Joanna Heinz (all in New York) and Brandon Wong (Houston); and Tax partner Neil Clausen and associate Kealan Hannes (both in Houston). Law clerk Audrey Vivas (New York) also advised on the matter.

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