Blackstone Group LP has agreed to acquire power generator Dynegy Inc. for $4.7 billion, including debt assumption, with NRG Energy Inc. then paying Blackstone $1.36 billion for nearly one-third of Dynegy’s generation capacity.

Downtown skyscrapers are reflected in the windows of the Dynegy headquarters in downtown Houston.

As part of the agreement, Dynegy has 40 days to shop itself to other potential buyers.

The Blackstone deal values Dynegy’s equity at nearly $550 million, or $4.50 a share, a 62% premium to Thursday’s closing price. Its stock was at $4.48 premarket.

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