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GenOn has generating capacity of almost 23,000 megawatts, with facilities in a dozen states. It uses coal, natural gas and oil to generate electricity. Once the deal closes NRG shareholders will own 71 percent of the combined company and GenOn shareholders will own 29 percent. Four members of GenOn's board will join NRG's board, with GenOn Chairman and CEO Edward Muller becoming the board's vice chairman. The deal is subject to approval by the shareholders of both companies, as well as federal and state regulators. It's expected to close by the first quarter of next year, the companies said. Also on Sunday, NRG said that it will pay its first common stock dividend. A dividend of 9 cents per share will be paid on Aug. 15 to shareholders of record as of Aug. 1.
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