Talen Energy Corp. shareholders at a special meeting approved the company’s $5.2 billion merger with the energy- and power-focused private investment firm Riverstone Holdings LLC, satisfying a key condition for the transaction to close by the end of the year.

Talen owns or controls 22 power plants that are primarily located in Northeast, Mid-Atlantic and Southwest states. Most of the facilities generate power with natural gas, while a smaller portion use other fossil fuels such as coal or oil. The company also owns a nuclear power plant in Pennsylvania.

Under the terms of the agreement, all outstanding shares of Talen common stock would be acquired for $14 each by Riverstone, which already owns 35% of the company’s common stock. The merger was announced in June (see Daily GPI, June 3). Talen said the parties have been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The New York Public Service Commission also approved the transaction as it relates to Talen’s 1,080 MW natural gas-fired power plant in Athens, NY.

The agreement provided for a “go shop” provision that allowed Talen to solicit other offers. That period has ended. Applications to approve the merger are also still pending at the Federal Energy Regulatory Commission and the Nuclear Regulatory Commission. Talen said the transaction remains on schedule to close by the end of the year.

Riverstone focuses on buyout and growth capital investments in the exploration and production, midstream, oilfield services, power and renewable energy sectors. It has $30 billion committed in more than 120 investments worldwide.