04:57 PM EDT, 07/17/2025 (MT Newswires) -- Talen Energy ( TLN ) said late Thursday it has signed definitive agreements to acquire Caithness Energy's Moxie Freedom Energy Center in Pennsylvania and Caithness Energy and BlackRock's ( BLK ) Guernsey Power Station in Ohio, for a net $3.5 billion.

The deal, involving two combined-cycle gas-fired plants in the PJM power market, is expected to boost Talen's free cash flow per share by over 40% in 2026 and more than 50% through 2029.

Talen plans to issue about $3.8 billion in new debt to fund the acquisitions, which are anticipated to close in late 2025, pending regulatory approvals.

Shares of Talen Energy ( TLN ) were up more than 14% in after-hours activity.