Vistra Energy, Dynegy to combine in all-stock deal

Vistra Energy and Dynegy will join in an all-stock deal to create a power company with 2.7 million residential and 240,000 industrial customers.

Dynegy shareholders will receive 0.652 shares of Vistra stock for each Dynegy share. Vistra shareholders will hold 79 percent of the combined company. Based on Vistra's closing price of $20.30 last Friday, Dynegy shareholders will get $13.24 per share.

Dynegy, of Houston, has 1.2 million customers and employs 2,400 people. Vistra has about 4,500 employees and operates Luminant and TXU Energy, which sells electricity to about 1.7 million customers in Texas.

The company, which will keep Vistra's Irving, Texas headquarters, will have a market capitalization of more than $10 billion.

The deal is expected to be completed in the second quarter of 2018, subject to shareholder approval.